October 15, 2014 - Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement after the Treasury Department and Office of Management and Budget announced that the fiscal year 2014 deficit has fallen to $483 billion, the lowest deficit as a percentage of GDP since 2007 – below the average deficit over the last 40 years:
“Six years ago, our nation was confronted with the greatest economic disaster since the Great Depression. In those dark days, Democrats stepped up and put our economy back on track. Since President Obama took office, our nation has made immense progress. Today, our businesses are in the longest uninterrupted streak of job creation in our history, the unemployment rate is at a six-year low, and the deficit as a percentage of GDP has been cut to the lowest level since 2007.
“Democrats have consistently worked to reduce the deficit in a responsible and balanced way. The Affordable Care Act continues to drive down the growth of health costs, securing a stronger future for our seniors, our families and our budget. Republicans, however, have consistently chosen a radical and irresponsible path: advancing budgets that gut the investments in America that are essential to job creation and growth, betraying students, seniors and middle class families while refusing to close even one special-interest tax loophole. With many middle class families still struggling, Republicans even voted to raise taxes on the middle class while slashing them for millionaires.
“Time and again, Republicans have blocked action to lift the draconian sequester cuts that are weakening our global competitiveness and harming communities across the country. The American people have had enough of Republicans trying to balance the budget on the backs of seniors and middle class families. They have had enough of the Republican recklessness that shut down the government for 16 days, costing our economy $24 billion and 120,000 jobs. It is time to jumpstart the middle class, invest in our future and build an economy that works for everyone – not just the privileged few.”