Senator Dan Coats (R-Ind.), the chairman of the Joint Economic Committee, spoke on the Senate floor about Thursday’s announcement by the Bureau of Economic Analysis that the U.S. economy grew by only 0.5% in the first quarter of 2016.

“Whether it is burdensome regulations, a broken tax code or a ballooning national debt, the Obama Administration’s policies have been and are a dead weight on the economy,” said Coats. “President Obama has continued to make big promises and insist his policies are effective, but the facts speak for themselves.”

Coats pointed out that the current annual growth rate of the economy in this recovery is roughly 2%, while the growth rate was 4.5% during the Reagan Recovery. Coats also praised the state of Indiana for reducing spending, cutting taxes and paying down its debt.

“Over the past three years, Indiana’s private employment has grown by nearly 130,000 jobs,” said Coats. “These numbers reflect the success of Indiana’s pro-growth policies. Employers are taking notice of our healthy business climate and coming into our state to establish new businesses. I’ve seen what works in Indiana, and I’m not willing to accept this 0.5% stagnant growth rate as the new normal.”