U.S. Representative Mike Kelly (PA-03) issued the following statement on today's warning from the nonpartisan Congressional Budget Office (CBO) that the economy will enter a recession next year if the current tax rates expire and sequestration cuts take effect:
"Today's CBO report is yet another warning that President Obama's plan to raise taxes on American's job creators and the devastating sequestration cuts, which include a $500 billion reduction in funds for our men and women in uniform, will push America's economy over a financial cliff in 2013. That will mean higher unemployment, more despair, and less economic freedom for our great nation.
"The report also confirmed that President Obama will have presided over an unprecedented record of deficit spending, overseeing four consecutive years of trillion dollar deficits. For the first two years of his presidency, Mr. Obama and his allies had control over the House, the Senate, and the White House. Instead of using their power to create jobs and grow the economy, they chose to grow the government and increase spending at an alarming rate, while Americans continued to suffer historically high rates of unemployment.
"Although we have been warned, our fate isn't yet sealed. The American people can decide to change the path we've been on for nearly four years and work to restore the promise of America once again."