Rep. Jeff FlakeJeffrey (Jeff) Lane FlakeFlake to try to force vote on DACA stopgap plan Congress punts fight over Dreamers to March Outgoing GOP rep: Republican Party 'heading into trouble' in election MORE (R-Ariz.) hammered President Obama on Saturday for not reducing the $1 trillion budget deficit and the unemployment rate, arguing that his policies have "done little" to jumpstart the economy.

"With the school year under way across the country, it is not comforting to think that the class of 2012 who were freshmen along with this President graduated without knowing what it was like to be in high school without the term ‘trillion dollar deficit’ being ever present in the news," said Flake during the GOP's weekly address.

Flake argued that Obama's "prolonged and record setting federal spending" hasn't produced results, noting that home values have dived more than 10 percent and gas prices have doubled during his time in office.

“President Obama undoubtedly inherited a fragile economy, but he’s done little to improve it," Flake said. "In fact, rather than take a lesson, his answer to persistently weak jobs numbers is pressure to spend another half a trillion taxpayer dollars on legislation that would fail to even take steps to deal with the economic slowdown."

In the address, Flake also took a shot at Senate Democrats for not passing a budget, claiming they "have failed to even attempt to do their homework."

The Arizona Republican is currently locked in a tough race against Democratic challenger Richard Carmona for Sen. Jon Kyl (R-Ariz.)'s seat, who is retiring at the end of the session. While Flake was expected to sail to a victory, his lead over Carmona has hovered around single digits.

Flake and his wife became first-time grandparents this week, he said in the address, and voiced concern about the state the country may be in by the time his newborn grandson starts school.

"If we continue along our current budget trajectory, our grandson is simply not going to have the same opportunities that my grandparents created for me," Flake said. "I know I am joined by many when I say I simply will not let that happen."

“It is my hope that the recess from fiscal sanity that the last four years have represented is over. As bad as our fiscal challenges are, it’s not too late," he continued. "The bell has rung and it is time for us to get to work.”