Washington D.C. – House Majority Whip Kevin McCarthy (CA-23) released the following statement on the revised GDP report for the first quarter of 2014:
“Late last month, economic reports showed that first quarter GDP growth slowed to a barely discernible 0.1 percent annual rate, the weakest quarter since 2012. We now realize that the GDP growth was even worse than initially presumed.
“New reports indicate that first quarter GDP actually shrank at a one percent annual rate, the worst report since the first quarter of 2011.
“It appears that the imperceptible recovery has now dipped into another economic downturn.
“This Administration has done more to hinder than promote growth. The American economy does not wallow for six years on its own. Republicans have fought to institute pro-growth reform, to decrease regulations, and to free our energy sector by, for example, fighting for approval of the Keystone XL pipeline and increasing domestic energy production.
“It’s time for new policies that will free America’s economy so it can return to its former strength.”