Rep. Scott Garrett (R-NJ), Vice Chairman of the House Budget Committee, issued the following statement today after the House passed H.R. 8, the Job Protection and Recession Prevention Act of 2012 to extend the current individual tax rates for another year:
"With our economy struggling through the longest period of high unemployment since the Great Depression and with our national debt approaching $16 trillion, it is clear that President Obama's policies are making a bad economic situation even worse. The accounting firm Ernst & Young recently released a report concluding that our economy could lose as much as 710,000 jobs if the President's tax increase becomes law. Americans do not want this tax hike and our economy certainly cannot afford it. As I travel across the 5th District and meet with small business owners, I am constantly reminded about the uncertainty they face as a result of the policies emanating from President Obama and Congressional Democrats.
"Today I voted for the Job Protection and Recession Prevention Act of 2012 to prevent a devastating tax hike on hardworking American families and small businesses. The House-passed bill will provide the certainty that our economy desperately needs so businesses can plan for growth and job creation rather than contraction. I urge my colleagues in the Senate to pass this bill immediately."