Washington, D.C.—Today, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate that first-quarter gross domestic product (GDP) expanded 1.1% on an annual basis.
“When our economic policies focus on families, workers, and small businesses, the entire American economy benefits. The U.S. economy continues to grow, despite the challenges we’ve encountered on our path to continued economic recovery.
“Today’s data shows that while growth has slowed, American incomes are still going up. Even though we know there’s more work to do to continue powering our economy forward, this is a sign of our economic resilience.
“Investments from the Inflation Reduction Act are boosting the creation of new manufacturing jobs and supporting other key industries nationwide. But my Republican colleagues are threatening to eliminate major portions of that bill, including funds that would back infrastructure projects and energy-efficient construction, fueling growing industries and helping to generate sustainable, climate-friendly jobs. While Republicans are threatening to create a default crisis that would raise costs for families and cut taxes for the wealthy, Democrats are working to pass more legislation that will create good-paying jobs and lower the costs of housing, health care, and child care.
“I urge my Republican colleagues to stop playing politics with the debt limit and join Democrats in passing a budget that invests in American workers and families.”
About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman-Designate of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.??