Statement on Economic Expansion and Job Creation

Today we have received positive news about the Nation's economy—more strong growth with moderate inflation. In the first quarter of this year, the economy grew 5.6 percent on an annualized basis—the highest in a decade. That means more jobs and better wages for American workers and stronger profits for businesses— both large and small. Our sound fiscal policies, together with the hard work of the American people, have sparked a remarkable period of economic expansion and job creation. It is imperative that we pass a bipartisan balanced budget agreement to continue this solid economic progress.

Just more than 4 years ago, we inherited a deficit that was nearly $300 billion, and we have cut it by 63 percent already. While it is still too early to know for certain, our economic policies and this year's healthy growth may help us cut the deficit for the 5th straight year— for the first time in 50 years. Now, it's time to finish the job and balance the budget.