The Leader's Ledger

Posted by Brian Patrick on

Good morning,

Our national debt is more than $14 trillion and millions of Americans are out of work. Thanks to the big-government policies of the Obama Administration and Congressional Democrats, our economy has not seen any sustained growth over the past two years and Democrats only answer is to these woes is to call for tax increases on the very small businesses that we’re counting on to create jobs. Adding insult to injury, this week President Obama’s chief advisor David Axelrod called the discussion of May's lackluster private sector jobs numbers “meaningless,” and departing White House economic advisor Austan Goolsbee trivialized the jobs news, saying “we should never read too much into any one month’s report.” Stubbornly ignoring a growing economic crisis will not make it go away, nor will it help the millions of people who can’t find jobs get back to work.

The Obama Administration’s failure to acknowledge our economic challenges is only worsened by their lack of any sort of plan to grow jobs and the economy. On the other hand, House Republicans are squarely focused on shoring up our economy and bolstering job creation so that people can get back to work. Under our robust pro-growth plan, we offer common sense solutions to provide immediate relief for American families and businesses small and large with policies to maximize domestic energy production and lower gas prices, reduce regulatory burdens, reform our tax code and manage down the debt.

Today In History: In 1973, with a spectacular victory at the Belmont Stakes, Secretariat becomes the first horse since Citation in 1948 to win America's coveted Triple Crown.

Birthdays: Rep. Don Young, Natalie Portman, Johnny Depp, Michael J. Fox, Dick Vitale and Les Paul

Here is what’s in today’s Ledger ...

State Of Play: Republicans Focus On Job Creation, Economic Growth & Cutting Spending, While Dems Call For Higher Taxes

Sen. Kyl: The Way To Raise Revenue Is By Growing The Economy, Not Raising Taxes. Jon Kyl, R-Ariz., a member of the Biden negotiating team, said that Republicans would oppose any effort to raise tax rates ... but might consider rewriting portions of the tax code and eliminating certain tax breaks to stimulate investment. “Raising revenues is a great idea and the way you raise revenues is by encouraging economic growth, Kyl told The Fiscal Times. “You encourage economic growth by reducing tax rates, not raising them.” The Fiscal Times

But ... Democrats Continue To Push For Job Destroying Tax Increases. On Thursday, for the first time in two weeks, Vice President Joseph R. Biden Jr. and six Congressional leaders will meet with a new urgency to take up negotiations toward reaching a deficit-reduction deal in July. Democrats will make the case for additional tax revenues to balance spending cuts, an approach Republicans have rejected. The New York Times

More Americans Prefer The Republican Approach Of Cutting Spending To Reduce The Deficit. ... Republicans have momentum on the deficit issue. More voters now side with congressional Republicans than with President Obama, with a slim majority saying the debt should be tackled primarily through spending cuts, not new taxes. The Washington Post


The Obama Economy: The President and His Advisers Continue To Put Their Ideological Agenda Ahead Of Growing The Economy

President Obama Continues To Put Unions Ahead Of Economic Growth and Job Creation. President Obama is sacrificing economic growth and job creation in order to placate organized labor. And as the crisis of the welfare state deepens, he is trying to enlarge the entitlement system and exacerbate the entitlement mentality. The Washington Post

  • Obama Adviser David Axelrod Declares Concerns Over 9.1% Unemployment To Be “Meaningless Discussion” ... "One monthly job figures are more robust than expected and everybody goes tearing up the one direction, and the next month they're not as good and they go in the other," Axelrod said, referring to the negative reaction that greeted news of May's anemic jobs growth. "For the average person this is a meaningless discussion, what is meaningful is what they experience in their own lives." The Huffington Post
  •  ... As Weekly Jobless Claims Once Again Rise When Economists Expected Them To Fall. In a sign the labor market is still struggling, the number of Americans filing new claims for unemployment benefits rose to 427,000 last week, according to data released by the Labor Department on Thursday morning. The number of claims, up 1,000 from the previous week, defied projections by economists surveyed by Bloomberg News, who expected claims to drop to 419,000 despite last week’s rise in the unemployment rate. A Reuters poll of economists similarly projected a drop to 415,000. The number of claims must drop below 400,000 to dent the unemployment rate. Last week marks the ninth consecutive week above that level. National Journal

ICYMI – The New York Times Takes A Swipe At President Obama’s Use Of Straw Men and Economic Rhetoric. “We could decide, in solving our fiscal problems, that we can’t afford to make any of these investments, and those of us who’ve done very well don’t have to pay any more taxes in order to fund these investments,” Mr. Obama said, using one of his favorite rhetorical devices. Then, he knocked down his straw man: “But I want to make clear, that’s not our history,” he said. The New York Times


Economic Outlook: Still No Plan From Democrats To Prevent Medicare From Going Bankrupt

Leader Cantor Challenges Democrats On Medicare: Where’s Your Plan To Prevent Medicare From Going Bankrupt ? "My question back to them is, 'If you don't like our plan, what is yours?'" he said. Richmond Times-Dispatch

Despite Being Required To Do So By Law, President Obama Has Ignored His Obligation To Strengthen Medicare. Mr. Obama has ignored a law requiring he send Congress a plan to strengthen Medicare's finances—even though members of his own cabinet have reminded him in writing of his duty to do so. Medicare was originally designed to be paid for mostly by special dedicated taxes. Yet it has become increasingly dependent on general revenues as expenses have far outrun both projections and Medicare tax receipts. By 2024, according to the annual report of the Medicare trustees, the hospital insurance trust fund will be exhausted. ... In their annual report this spring, Medicare's trustees—who include four members of Mr. Obama's cabinet as well as two outside experts—said "the threshold was in fact breached" during the last fiscal year and "a Presidential proposal is required by law in response." As, indeed, one was required in 2010 as well. The Democratic majority waived the requirement during the last Congress, but it remains in force this year. The president has continued ignoring the law, failing to send Congress a plan to fix Medicare's finances. The Wall Street Journal


ObamaCare Update: 11th Circuit Court of Appeals Indicates ObamaCare May Be Unconstitutional

Judges Question The Constitutionality Of ObamaCare. If the Obama administration had any doubt that its signature healthcare law faces a severe challenge in court, it was erased soon after Chief Judge Joel Dubina opened the proceedings here. "I can't find any case like this," Dubina said. "If we uphold this, are there any limits" on the power of the federal government? ... Judge Stanley Marcus chimed in: "I can't find any case" in the past, he said, where the courts upheld "telling a private person they are compelled to purchase a product in the open market.... Is there anything that suggests Congress can do this?" After nearly three hours of argument Wednesday, the three-judge panel of the 11th Circuit Court of Appeals seemed prepared to declare at least part of last year's law unconstitutional. The Los Angeles Times


Off The Beaten Path

A First Look At “The Walking Dead” Season 2 – AMC

The 44 Most Powerful Restaurants In DC – Washington City Paper

Throwback Thursday: Men Without Hats – Safety Dance





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