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Washington’s Borrowing Binge Stifles Job Growth Today

House Budget Committee analysis underscores need to address debt-fueled economic hardships

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The House Budget Committee released an economic report today demonstrating that economic hardships have been made worse by Washington’s misguided interventions and the lack of a credible a plan to lift the crushing debt burden. As national unemployment lingers at 9%, Washington’s spending spree has failed to create the jobs it promised, and has significantly hindered hiring and investment.

The House Budget Committee report, “The Debt Overhang and the U.S. Jobs Malaise”, cites prominent economists that have both challenged the discredited economic assumptions made to bolster the case for Keynesian stimulus efforts, and lauded the House-passed budget as “good news for economic growth.”

House Budget Committee Chairman Paul Ryan issued the following statement upon release of this new report:

“Knowing that today’s debt crisis will be tomorrow’s tax hikes and interest rate increases, America’s employers have pulled back from investing in the economy and the future. As this House Budget Committee report makes clear, the uncontrolled spending and borrowing by Washington in recent years is significantly holding back a robust recovery and sustained job creation.

“House Republicans have passed a serious budget that deals head-on with our debt crisis by slowing government spending, preventing trillions of dollars in tax hikes and ensuring employers have certainty and confidence in our economic future. In contrast, tomorrow marks the 800th day that the Senate has not passed a budget. Responsible leadership requires tough decisions about our fiscal problems.”

To read the House Budget Committee report– The Debt Overhang and the U.S. Jobs Malaise – please visit: http://ow.ly/5z6q7

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