San Francisco – Democratic Leader Nancy Pelosi released the following statement today after the Bureau of Economic Analysis reported that gross domestic product (GDP) contracted by 0.1 percent in the fourth quarter of 2012:
“Democrats and Republicans have an opportunity and an obligation to work together to find common ground, avert deep, across-the-board cuts that will undermine our economic growth, and recommit ourselves to reaching a long-term agreement to create jobs and responsibly reduce the deficit.
“Today’s disappointing GDP report is a direct result of the economic uncertainty created by House Republicans’ strategy of obstruction and manufactured crises. The looming sequester contracted growth throughout our economy and at the same time, created uncertainty over the fiscal cliff and House Republicans’ refusal to negotiate a comprehensive fiscal agreement likely also pushed our economy into negative territory.
“There is no reason to see anything but positive numbers in the future – as long as we reach across the aisle and find a balanced solution to bring down our deficit, grow the economy, and strengthen the middle class.”