New report shows GDP growth slows
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Today, the Commerce Department released its advance estimate of second quarter GDP growth. The report showed that the United States economy slowed to a 2.4% rate of growth. This is a significant decline from the revised 3.7% rate of the previous three months.
The report also showed that government spending increased. A New York Times article outlining the findings reports that government spending grew “at an annual rate of 4.4 percent after a decline of 1.6 percent in the first quarter. Public spending was broad-based, with even state and local spending increasing for the first time in a year.”
It’s crucial that lawmakers heed the public’s call for fiscal responsibility. With growth slowing and government spending increasing, Congress must make difficult but necessary cuts to get at the root cause of what is Bankrupting America: its out-of-control spending.