Coats Says Shrinking Economy a Telling Sign for Washington

Statement

Senator Dan Coats (R-Ind.), Senior Republican on the Joint Economic Committee, issued the following statement regarding the Bureau of Economic Analysis initial report today that the U.S. economy contracted 0.1 percent at an annual rate last quarter:

"Today's disappointing report indicating that the U.S. economy is shrinking rather than growing should serve a stark reminder to the president and every member of Congress that our main focus must be on repairing this fragile economy. The inability of Washington to resolve our fiscal crisis continues to create a cloud of uncertainty that hinders economic growth. Congress and the administration must work on a long-term budget plan to reform our spending habits and reduce our debt if we are serious about growing and strengthening the economy."

Source