WASHINGTON, D.C. – Congressman Eric Cantor (VA-07) issued the following statement regarding the long-term budget outlook report released today by the Congressional Budget Office (CBO):
“Today’s report shows that the debt crisis is threatening our long-term economic health and we need serious growth to jump start the economy and get people back to work. While President Obama may have inherited a bad economic situation, his big-government policies, profligate spending, and overreaching regulations have only made it worse. With millions of Americans out of work and our debt at more than $14 trillion, we need growth now more than ever. Without it, our economy will remain stalled, our debt will not be reduced and people won’t be able to get back to work.
“Recognizing this, House Republicans have been focused on jobs and the economy since day one. We’ve put forward the Plan for America’s Job Creators, which will foster an environment for growth where businesses can compete, innovate and expand by cutting through Washington red tape tying the hands of businesses, making our tax code more competitive, reforming our antiquated patent system and beginning to manage down our debt. But we House Republicans only control one-half of one-third of the power in Washington, and the President and his party don’t have a single plan that will result in growth. Their only ideas thus far are more stimulus-style spending and tax increases on the very small businesses we’re counting on to create jobs. We can’t afford these backward policies anymore. We need to move forward with growth and should measure every policy against this standard.
“America’s greatness was built on growth and opportunity, and we need to do everything we can today to get Washington out of the way and encourage the growth that’s made our country great. Democrats, who’ve taken credit for the economy, ought to stop their political posturing and join us to fix it.”