Today, Congressman Eric Cantor (VA-07) released the following statement following the downward revision of the GDP, showing economic growth decelerated to 1.3 percent during the second quarter of the year:
"The latest GDP report shows the economy is simply not growing at a pace that will put American families back to work. President Obama's policies of bigger government, more spending, red tape and higher taxes are actually hurting the economy. With this latest report, the bad news keeps getting worse. It's inexcusable.
"Moms and Dads are struggling to make ends meet. Recent graduates can't find a job equal to their education. Help Wanted signs are harder to find in a shrinking economy made worse by this President's policies. And while our Democratic counterparts ignore the fiscal cliff ahead, working families are living paycheck to paycheck and can't prepare for their own future. It's unacceptable.
"A recent survey of small business owners found more than half would not open their businesses today under President Obama. Still, the President and Senate Democrats believe the solution is to raise taxes on these small businesses and working families. Rather than leading, the President and Senate Democrats are pushing our nation towards another recession.
"President Obama and Senate Democrats have spent the last four years without a reliable plan for recovery while sinking us further into debt. No budget, no solutions, and no discipline is no way to govern. The House has passed solutions that remove red tape and lower taxes in order to grow the economy and create jobs. But we cannot get the job done alone. We need real leadership in the White House and willing partners in the Senate, so we can work together to enact common-sense solutions and put our nation on a better path."