[Congressional Record (Bound Edition), Volume 158 (2012), Part 11]
[House]
[Page 15578]
[From the U.S. Government Publishing Office, www.gpo.gov]




                            FAILURE TO YIELD

  (Mrs. MALONEY asked and was given permission to address the House for 
1 minute.)
  Mrs. MALONEY. Mr. Speaker, according to a report by the National 
Economic Council, if the economy goes over the fiscal cliff, it could 
cut consumer spending by over $200 billion. In other words, if we come 
to a consensus with a financial plan and agree, it could be a $200 
billion stimulus to our economy. Having a plan in place would also give 
certainty to businesses and our markets, adding an additional stimulus.
  Failing to take action could slow the growth of our real GDP by 1.4 
percentage points in 2013, and allowing the middle class tax cuts to 
expire would increase Federal taxes on a typical middle class family of 
four by $2,200 in 1 year. Continued gridlock would throw the U.S. back 
into a recession and would cause the jobless rate to go up. Congress 
would be stuffing a big piece of coal into the stockings of Americans 
by not coming together and getting a consensus plan.

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