Washington, D.C. – House Majority Leader Eric Cantor (R-VA) today issued the following statement on the annual summer update of the budget and economic outlook of the nonpartisan Congressional Budget Office (CBO):
“Today’s report from the CBO shows that our debt and deficit situation is getting worse while the economy and job creation remain badly stalled. We know our country currently faces two crises, the first being the unsustainable debt and deficit situation, which is a result of decades of over-spending and over-borrowing by both parties. The second is our jobs crisis. Despite a nearly trillion dollar so-called stimulus program, this Administration's policies have resulted in anemic growth, record unemployment and underemployment, and millions of Americans remain out of work.
"Regardless of the reality of these two crises, the President and his party have repeatedly refused to acknowledge their causes or take real steps to fix them. Instead, all they’ve offered is lofty rhetoric, tax hikes and more of the same stimulus spending. It is clear that any action we take to address one of these crises must not make the other crisis worse. And there is one solution to both - long term economic growth.
"Since the beginning of the year, House Republicans have been leading on measures to begin to manage down our debt and spur economic growth. We put forth our budget, the Path to Prosperity, which makes tough choices including addressing the biggest drivers of our debt - our insolvent entitlement programs. We've also cut trillions of spending in both the Continuing Resolution and the debt limit. And, we put forth a robust plan for American job creators that will result in economic growth and allow the private sector to create jobs. But all along the way, the President and his party have fought us kicking and screaming on these common-sense measures.
"In light of today's report, and with millions of Americans unemployed, it is time for the President and his party to stop playing political games and work with us manage down the debt and make it easier for businesses small and large to grow, expand and hire so that people can get back to work and our economy can grow. Only with long-term growth will the economy improve both today and for future generations."