Rep. Kevin Brady, Vice Chairman of the Joint Economic Committee and senior member of the House Ways and Means Committee, today issued the following statement:

“I came away from today’s hearing more convinced than ever that we as a nation face drastic economic consequences unless Congress and the President act soon to put our country on a path toward fiscal sustainability.”

 “I was gratified to hear that Federal Reserve Chairman Ben Bernanke has not decided to launch a third round of quantitative easing. As I stated at the outset of today’s hearing, I believe that the Fed has done all it can do—and perhaps done too much already. Further quantitative easing will not stimulate economic growth or create jobs. We may well be at risk that the massive amount of liquidity the Fed has already injected into the economy may trigger higher inflation before the Fed has time to execute its exit strategy.”

“We have reached the limits of what monetary policy can do. I hope the Chairman will bear these factors in mind in the days ahead.”

“I share Chairman Bernanke’s concern that, unless policymakers in Washington act to put our financial house in order now, the expiration of the Bush tax cuts which are to occur at the end of 2012 would severely disrupt the American economy.  I call upon Congress to vote now to extend the Bush tax cuts. Businesses thinking of expanding their operations and adding to their workforces deserve to know now what their tax obligations will be so they can begin to plan.”