JEC CHAIR MALONEY REACTS TO THE RELEASE OF 1ST QUARTER GDP NUMBERS

Washington, D.C. – Congresswoman Carolyn B. Maloney, Chair, Joint Economic Committee (JEC), made the following statement after the economy shrank by 6.1 percent in the first quarter of 2009:

“The hangover from the Bush administration is even worse than we thought. These numbers reflect a drawdown in business inventories and continued weakness in the housing and commercial real estate markets.  Americans are starting to spend more and I’m optimistic that we will begin to see the effects of the stimulus next quarter.”