Today, Congressman Eric Cantor (VA-07) released the following statement on the updated budget outlook from the Congressional Budget Office (CBO). The report shows that the economy would go into a recession and unemployment would increase if President Obama's small business tax hike and the sequester go into effect.
"The economy isn't growing. As the CBO makes clear, the President's push for higher taxes on small businesses and failure to prevent devastating defense cuts threaten our national security, jobs and economic growth. The House has acted to stop the tax hike and replace the sequester with common sense reforms. Weeks ago, Congressional Republican leaders asked the President and Senate Democrats to work with us on a bipartisan solution to these economic threats. The clock is ticking, but Democrats continue to stall. With four years of trillion dollar deficits and an economy threatened by the President's failed policies, Americans deserve real leadership that will create jobs, responsibly reduce our massive debt and return economic growth and prosperity."