On the recordMarch 10, 2011
I want to congratulate the gentleman from Washington State for focusing America on what the issues are before us. In recent weeks I have come to the floor to argue that the Republican spending plan does two extremely harmful things: It weakens our economy and fails to seriously reduce our debt. Democrats agree that cutting spending is part of the solution to our difficult problems that confront us. But we also believe that cuts should be smart and targeted, not reckless. Rather than cutting investments in growth--at the same time our international competitors are ramping up theirs--Democrats support the Make It In America agenda, a plan to invest in innovation, manufacturing jobs, and middle class opportunity. That's what the President talked about in his State of the Union, and he was right. Unfortunately, the consensus that the Republican spending plan will halt our economic recovery and cost jobs is widespread and nonpartisan. Fed Chairman Ben Bernanke, appointed by President Bush, tells us that the plan will cost "a couple of hundred thousand" jobs. Macroeconomic advisers tell us that the Republican plan will wipe out approximately 450,000 jobs. Moody's Analytics chief economist Mark Zandi, who advised Senator McCain in his Presidential campaign, tells us that it will cost up to 700,000 jobs. The Economic Policy Institute puts the number at 800,000 jobs.
