Kilmer Statement on the Fourth Quarter 2012 Economic Contraction and Military Spending

Representative Derek Kilmer released the following statement on the news that gross domestic product contracted by  0.1 percent in the final quarter of 2012, in part due to a plunge in military spending.  Military spending will be heavily reduced if Congress does not prevent the deep cuts set for March 1st that would result from sequestration.

“Today’s disappointing news is a stark reminder that we need to avoid the looming across-the-board cuts that would do damage to our region’s economy, the men and women who protect us, and their families.  The risk to our national security and our local economy is too great for us to do nothing and allow these cuts to happen. It’s time to stop the partisan games. Republicans and Democrats should replace these across-the-board cuts with smart and balanced long-term solutions to reduce our deficit, kick start economic growth, and bring certainty and stability to our region.”