On the recordMarch 14, 2011
The year-long continuing resolution the Republicans in this House passed last month on a straight party-line vote represents misguided values. House Republicans sought to cut an arbitrary amount of funding and did so with a meat ax, indiscriminately attacking worthwhile investments, giving no concern to the tremendously negative impact this irresponsible attack will have on our economy. In the race for ever-increasing and arbitrary cuts, they have demonstrated they know the cost of everything and the value of nothing. Moody's Analytics said that this approach would cost the Nation 700,000 jobs. The Economic Policy Institute said 800,000 jobs. Goldman Sachs said the long-term Republican plan would lower economic growth by 2 percent while increasing unemployment by 1 percent. Even the conservative Club for Growth called it a 'mistake,' stating that 'cutting spending is important, but economic growth is even more important.' The need for fiscal discipline, of course, is clear. We must return to a long-term path of fiscal responsibility to reduce deficits, but we must not sacrifice our values and our future all in the name of deficit reduction.
