Rep. Brady (R-TX), Vice Chairman of the Joint Economic Committee, cited today’s report from the Congressional Budget Office (CBO) as fresh proof that President Obama’s economic policies are failing.

“According to the CBO, slowing economic growth will cause the unemployment rate to rise during this year and the next,” Brady said. “This dismal forecast shows that the President’s policies aren’t working.”

“CBO projects real GDP growth of only 2.0% in 2012 and 1.1% in 2013.  Equally as troubling, CBO projects that the national unemployment rate will rise to 8.9 percent in the fourth quarter of 2012 and jump to 9.2 percent in the fourth quarter of 2013,” the Congressman said. 

“Under CBO’s economic projections, employment will not reach the pre-recession peak until early 2015.  This is unacceptable for hardworking taxpayers who deserve better from their government.”

“Moreover, the sea of red ink the federal government compiled since President Obama took office in 2009 continues unabated to a projected $1.08 trillion for 2012. If CBO’s projections prove correct this will mark the fourth consecutive year the deficit has exceeded $1 trillion,” Brady said. “We have to unplug the Washington spending machine.  By 2022, CBO estimates that nearly 4 out of every 5 dollars the federal government spends on programs will be spent without a single vote in Congress or a single signature of the President. We have to bring responsibility back to the process of spending hardworking taxpayers’ money and take the spending machine off of auto-pilot.”

“Again, I call upon the President to join with Congress in cutting spending, the real cause of mounting the mounting debt and deficit. Please, Mr. President, take us off the fiscal road to Greece on which you have set us before it is too late.”

Last year, Rep. Brady introduced a plan that would add help bring spending into line with future revenue projections. For information about that plan, the MAP Act go to:  http://www.house.gov/brady/map_page.html. For a brief explanation of that document, see "A balanced approach to reducing the deficit" by Kevin Brady