As prepared for delivery:
Good evening, my name is Congresswoman Michele Bachmann from Minnesotaâ€™s 6th District.
Two years ago, when Barack Obama became our President, unemployment was 7.8 percent and our national debt stood at what seemed like a staggering $10.6 trillion dollars.
We wondered whether the President would cut spending, reduce the deficit and implement real job-creating policies.
Unfortunately, the Presidentâ€™s strategy for recovery was to spend a trillion dollars on a failed stimulus program, fueled by borrowed money.
The White House promised us that all the spending would keep unemployment under 8 percent.
Not only did that plan fail to deliver, but within three months the national jobless rate spiked to 9.4 percent. And sadly, it hasnâ€™t been lower for 20 straight months. While the government grew, we lost more than 2 million jobs.
Let me show you a chart.Â [CHART]
Here are unemployment rates over the past ten years. In October 2001, our national unemployment rate was at 5.3 percent. In 2008 it was at 6.6 percent. But, just eight months after President Obama promised lower unemployment, that rate spiked to a staggering 10.1 percent.
Today, unemployment is at 9.4 percent with about 400,000 new claims every week.
After the $700 billion bailout, the trillion-dollar stimulus, and the $410 billion spending bill with over 9,000 earmarks, many of you implored Washington to please stop spending money we donâ€™t have.
But, instead of cutting, we saw an unprecedented explosion of government spending and debt, unlike anything we have seen in the history of our country.
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