Today, Congressman Pat Tiberi (R-OH) and Ranking Member of the Ways and Means Committee Richard E. Neal (D-MA) introduced legislation to make the New Markets Tax Credit (NMTC) a permanent pa...
TIBERI: “TIME FOR PRESIDENT TO PUT ECONOMY FIRST”
Second Quarter Growth Slower Than Expected
U.S. Congressman Pat Tiberi (R-OH) today released the following statement regarding the final estimate by the Bureau of Economic Analysis of gross domestic product for the second quarter of 2012:
“This report confirms what Ohioans already know – the president’s policies are not helping the economy grow. In fact, this report shows that the economy grew at a slower rate than expected during the second quarter, only increasing by 1.3 percent…a drop from previous estimates. In December of 2010 when President Obama finally signed into law legislation that prevented tax hikes he argued that raising taxes in a bad economy would ‘put businesses in a further hole.’ Back then, the economy was growing at a 2.4 percent rate—almost twice the rate as today. House Republicans in July passed legislation to prevent the tax hikes. Yet, instead of opposing tax increases in a bad economy like he did in December 2010, President Obama has chosen to make tax increases a campaign issue. It’s time for the President to start putting the economy first and politics second. Ohioans know raising taxes and stifling small business growth is the last thing we need if we want to get more people back to work.”Note: In August 2009, President Barack Obama told NBC News’ Chuck Todd “The last thing you want to do is raise taxes in the middle of a recession, because that would just suck up, take more demand out of the economy and put businesses in a further hole.”