On the recordJuly 14, 2014
The recently revised downward first quarter GDP numbers show the economy contracted by 2.9 percent in the opening months of 2014. We have a social safety net that is already forecasted to run perpetual deficits for decades to come, and diminished economic growth will hurt our already underfunded entitlement plans. For as long as I have been in Congress, Republicans have been working to enact structural reforms to put our budget back in balance. The recent GDP report makes those reforms even more urgent. These long-term reforms need to be considered. In the short run, let's hope that the recent economic contraction will spur the President and Senate Majority Leader Harry Reid to act on the dozens of House- passed jobs bills awaiting action in the Senate. These bills will help put Americans back to work and expand our economy. Will the President act? ____________________
