This week, the Bureau of Economic Data released an updated estimate of gross domestic product (GDP) for the second quarter of 2012. This report showed that our economy grew by a weak 1.3 percent this quarter, down from 2 percent in the year's first quarter and lower than previously estimated. This economic growth matches the slowest economic quarter since 2009, and is the latest evidence that the President's policies are simply not working.
This low economic growth underscores the need for pro-growth policies to get our economy back on track. Instead of raising taxes on hardworking families and small businesses which will only further harm our economy, House Republicans have voted to stop the President's tax hike -- estimated by Ernst & Young to cost 700,000 jobs. Additionally, we have acted on long-term solutions to get our economy moving again, including cutting wasteful spending, beginning the process for comprehensive tax reform and reducing bureaucratic red-tape.
On Monday, I had the opportunity to speak about the current state of our economy with the North Texas members of the National Association of Industrial and Office Properties. I greatly enjoyed having an honest discussion about the threat of our skyrocketing debt and budget deficits, and how imperative it is that we act now to ensure that America's best days lie ahead.
I will continue to work with my colleagues on responsible solutions to get Americans working again and grow our economy. To learn more about the pro-growth policies passed in the House, visit http://www.gop.gov/indepth/jobs.