Dec 01, 2009
DCCC Chairman Van Hollen on CBO Confirming Economic Progress as a Result of the Recovery Act
Democratic Congressional Campaign Committee Chairman Chris Van Hollen released the following statement on last night’s report from the Congressional Budget Office on the American Recovery and Reinvestment Act resulting in as many as 1.6 million jobs for the U. S. economy. To read the report in full, click here.
“This report by the Congressional Budget Office echoes what a broad range of economists have been saying for months – the Recovery Act is working. President Obama inherited an economy that was shedding hundreds of thousands of jobs and was on the verge of collapse. Through decisive action we have brought our nation back from the brink. The non-partisan report found that the Recovery Act has generated as many as 1.6 million jobs, lowered our unemployment rate by as much as 0.9 percent, and increased our nation’s GDP by as much as 3.2 percent.
“Unfortunately, those responsible for creating the economic crisis have decided to abandon American workers to stand on the sidelines with special interests. Not only did Republicans leave our economy in shambles, but they have systematically opposed giving tax relief to 95 percent of American families, helping small businesses stay open and succeed, and providing critical funding that has both saved and created jobs. In the face of overwhelming evidence that the President’s policies have moved us forward, the GOP wants to threaten our current economic progress by actually returning to the failed policies of the Bush years.
“Republicans insist that the path to economic prosperity starts with protecting big special interests like health insurance and credit card companies. Democrats know it starts with supporting middle class families. There is certainly more work to be done, but we will continue to implement responsible measures that help families succeed and keep our economy moving in the right direction.”