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EPI’s Lawrence Mishel on spending freeze

Lawrence Mishel, president of the Economic Policy Institute, issued a statement on the Obama administration’s expected proposal to ‘freeze’ overall non-defense discretionary spending for three years starting with fiscal year 2011. Freezing nominal growth in spending means cutting the budget in inflation-adjusted terms.

The economy would have shed two million more jobs than it did this year if it weren’t for the Recovery Act…. Now is the time for the President to build on the important progress he has made, not backtrack from it.

Read his full statement here.