Today, Congressman Jim Renacci (OH-16) released the following statement on the second anniversary of the Democrats' failed stimulus bill becoming law:
"Over the past two years, President Obama and Congressional Democrats have overseen the largest budget deficits in the history of the U.S., driving the national debt to a record $14 trillion," Renacci said. "In fact, the amount of national debt incurred by the Democrat Congress in just four years is greater than the entire national debt accumulated in the first 220 years of the nation's history. Since the passage of the 2009 stimulus bill, Democrats have repeatedly rejected calls to cut government spending. The onus remains on Democratic leaders to work with Republicans to cut spending and help spur economic growth and job creation. I remain committed to stopping Washington's reckless spending spree and focused on getting America back on a path to fiscal responsibility. On the two-year anniversary of President Obama's enactment of the stimulus, I stand with House Republicans as we act decisively to restore pro-growth policies and fiscal restraint to Washington."
On February 17, 2009, the American Recovery and Reinvestment Act was signed into law. At the time, Democrats promised their trillion-dollar spending bill would keep the nation's unemployment rate below 8 percent. Today, unemployment in the U.S. has been at or above 9 percent for 21 consecutive months, the longest streak since the Great Depression. In 2009, Democrats promised their "stimulus" would save or create 3 million jobs. Yet the number of net jobs the economy has shed since the Democrats' stimulus was signed into law is over 2.5 million. In fact, the Congressional Budget Office estimates the cost of the "stimulus" will reach $814 billion and interest on the debt for the bill will be at least $347 billion.