WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair Designate of the Joint Economic Committee, released the following statement after the Federal Reserve’s Federal Open Market Committee (FOMC) completed its March meeting and reported that the median 2019 growth projection from the committee has fallen to 2.1 percent.

“The Federal Reserve’s GDP growth projection is more proof that the White House’s numbers in its latest budget are wildly optimistic. Fed projections show that the sugar high from the GOP tax cuts is rapidly wearing off, and growth will slow this year and next. This forecast aligns with those from the Congressional Budget Office and independent, private sector analysts. It is yet another reason to dismiss the partisan projections in the president’s budget.

“Instead of tax cuts for special interests and giant corporations, American families would have been better off if that money had been spent on investments that actually grow the economy in the long run, like infrastructure, research and education. House Democrats’ For the People agenda will do exactly that.