House Republican Policy Committee Chairman Tom Price, M.D. (R-GA) responded to the announcement of disappointing economic growth for the third quarter of 2012, saying:
"The White House claimed that after Congress passed President Obama's stimulus bill -- at a cost of more than $1 trillion to taxpayers -- annual GDP growth would exceed 4 percent from 2011 to 2014. Instead, we learned that for the third quarter of 2012, our GDP growth is less than half of that.
"We must not accept this as the "new normal.' This is not what a real recovery looks like. Any heralding of this number as good news foolishly betrays just how serious the problems facing our economy are, including the looming fiscal cliff, regulatory excess and President Obama's obsession with raising taxes on job creators.
"House Republicans have acted to shepherd our economy to stabilization and growth. We have passed more than 30 jobs bills, nearly all of which are held up in the do-nothing Senate, to spur economic growth and encourage job creation. We have a plan to avert sequestration and to institute meaningful tax reform.
"We call on the Senate to act and the President to reach across the aisle, as he so adamantly promised he would, to help strengthen the American economy."