GOP Proposal Is Pro-Rated Version of Same Reckless Proposal That House Passed On Saturday-According To Independent Analysis By Goldman Sachs, GOP Plan Would Reduce Economic Growth By 2 Percent
Washington, DC—Jon Summers, spokesman for Nevada Senator Harry Reid, released the following statement today in response to House Republicans’ plan to pass a two-week Continuing Resolution that includes $4 billion in cuts:
“The Republicans’ so-called compromise is nothing more than the same extreme package the House already handed the Senate, just with a different bow. This isn’t a compromise, it’s a hardening of their original position. This bill would simply be a two-week version of the reckless measure the House passed last weekend. It would impose the same spending levels in the short term as their initial proposal does in the long term, and it isn’t going to fool anyone. Both proposals are non-starters in the Senate.
“Just today, a nonpartisan study by Goldman Sachs found that Republicans’ proposal would drag our economy back into a recession, cutting U.S. economic growth by as much as two percentage points in the second and third quarters. Enacting these draconian cuts over two weeks would mean immediate, devastating impacts to the health of our economy and the safety of our communities.
“Democrats have already proposed $41 billion in cuts and we are eager to sit down with Republicans to find more. But Republicans are refusing to negotiate. Instead of working with Democrats to find more cuts, they are threatening to shut down the government and drawing lines in the sand. Their recklessness could send our economy into a tailspin. It is time for cooler heads to prevail in the House, and for Republicans to come to the table.”