With our national debt at more than $14 trillion, millions of Americans out of work, gas and food prices skyrocketing, and a quarter of home mortgages underwater, Americans’ confidence in the economy has sharply declined. Making matters worse, on the Today Show this morning, the President again made clear that he does not have a single plan to grow the economy or get people back to work. Instead, he doubled down on his tired talking point from the State of the Union, pledging to freeze federal spending. A freeze on spending does nothing except maintain the status quo, which will push our economy further down the road to bankruptcy and won’t provide the economic boost we need. Adding insult to injury, the only other proposal Washington Democrats have come up with as a cure our economic woes is to raise taxes on the very small businesses that we are counting on to create new jobs. That is simply unacceptable.
In contrast, House Republicans have offered a robust and straightforward plan to create jobs and boost economic growth. Under our plan, we will begin to manage down our debt, return certainty to the economy and foster an environment where businesses have the confidence to grow and create new jobs – instead of being bogged down by needless government regulations and red tape. We need to act now to get this economy going and get people back to work. There is no more time for rhetoric or partisan politics, people are looking for confidence, real leadership and they want Washington to finally get serious.
Today In History: In 1994, the Rangers defeated the Vancouver Canucks 3-2 in Game 7 of the Stanley Cup Playoffs, ending the Rangers 54-year drought without a Stanley Cup.
Birthdays: Minority Whip Steny Hoyer, Rep. Jim Sensenbrenner, Rep. Bob Gibbs, Donald Trump, Boy George, Campbell Brown, and Amber Wilkinson
Here is what’s in today’s Ledger ...
Pro-Growth: Republicans Remain Focused On Creating An Environment For Economic Growth
The House GOP’s Plan for America’s Job Creators Is A Much Needed First Step In Direction Or Creating Sustainable Growth. Finally, the Republican Party is discovering anew the importance of offering a growth agenda, not only for its own political fortunes, but also for the sake of the liberty of the American people. President Barack Obama’s opposition will stall any changes to his administration’s failed economic policies. But a goal of 5% real growth shifts the likely trajectory of the economy post the 2012 election. The stronger the case for policies that promote growth, the better the outlook for the financial security and the liberty of the American people. The first step was the “House Republican Plan for America’s Job Creators.” The six point program includes reducing the regulatory burden, reducing the top tax rate on businesses and individuals to 25%, expanding free trade, promoting domestic energy production, and enacting significant spending cuts. Forbes
- The Republican Plan Creates An Environment Better Suited For Economic Growth. ... the fountain of economic growth is to expand the opportunities for voluntary, mutually beneficial exchanges (MBE). Lower tax rates do so by decreasing the barriers to domestic trade. Income, sales, profits, and capital gains taxes are the equivalent of tariffs on domestic economic activity. Lower tax rates, like lower tariffs, increase the opportunity for trade, or MBEs. Reducing government spending, especially on transfer payments, tax credits and the like, also increases the opportunities for growth. ... Regulations that restrict economic activity directly reduce economic growth by forbidding exchanges that otherwise would have occurred. Forbes
The Obama Economy: President Obama Makes Jokes About His Failed Economic Policies, While Over 9% Of The Nation Remains Out Of Work
President Obama’s Failed Economic Policies Have Led To No Improvement In Unemployment or Underemployment. Unemployment and underemployment as measured by Gallup have shown no improvement compared with a year ago. Gallup
- Economic Confidence Is Even Lower Now Than It Was A Year Ago. A sharp deterioration in the jobs outlook and six straight weeks of Wall Street declines sent Americans' confidence in the U.S. economy plunging to an average of -35 during the week ending June 12 -- a decline of nine percentage points from two weeks ago, and six points worse than it was in the same week a year ago. Economic confidence is now approaching a 2011 weekly low. Gallup
But President Obama Still Had Time To Joke About The Shovel-Ready Jobs He Once Touted. While meeting with his Jobs and Competitiveness Council today in Durham, N.C., President Obama cracked wise about one of his administration's early catchphrases. Remember "shovel-ready projects.” Those were construction projects in the 2009 stimulus bill that were supposed to get moving right away -- but jobs council members told Obama today that some got held up because of elaborate government regulations and permitting procedures. "Shovel-ready was not as shovel-ready as we expected," Obama said. USA Today
The Reality: It’s Not Funny - There Are Fewer People Working In North Carolina Then There Were Two Years Ago. North Carolina, the nation’s 10th largest state in terms of population, also has the country’s 10th worst jobless rate at 9.7 percent in April. In fact, the number of people working in the state in April (4.05 million) is smaller than it was in May 2009 (4.07 million) ... WRAL
State Of Play: Cantor Says Over $2 Trillion In Spending Cuts Are Possible, Reminds Democrats That Tax Increases Are Off The Table
Leader Cantor: Over $2 Trillion In Spending Cuts Are Possible. House Majority Leader Eric Cantor (R., Va.) said Monday that a group of lawmakers trying to negotiate a budget agreement are starting to "see the essence of convergence on savings" that could total trillions of dollars, but acknowledged that President Barack Obama and Speaker John Boehner (R., Ohio) would ultimately have to strike the final deal. Heading into a week where the group, led by Vice President Joe Biden, will meet three times as it ups the tempo in the talks, Cantor said he hopes "greater issues of commonality" are the focus. Once again, Cantor ruled out any increase in taxes as part of a compromise, saying that a move to touch tax deductions available to businesses should be part of a wider overhaul of the corporate tax code later this year. Dow Jones
ObamaCare Update: Opposition To ObamaCare Continues To Mount On Capitol Hill
Bipartisan Opposition Continues To Mount Toward The President’s Independent Payment Advisory Board. Seven Democrats have now signed on as cosponsors to a Republican bill to repeal IPAB, many of them outspoken proponents of Obamacare — Rep. Allyson Schwartz (Pa.), for example, sent a letter to colleagues in April describing IPAB as a “flawed policy that will risk beneficiary access to care” and urging them to support legislation to end IPAB authored by Rep. Phil Roe (R., Tenn.) ... Democratic opposition to IPAB runs the gamut from staunch liberals such as Schwartz and Rep. Pete Stark (Calif.) to conservative Blue Dogs such as Rep. Larry Kissell (N.C.). Given the broad ideological support for his bill, Roe told National Review Online he is optimistic that repeal could pass both the House and the Senate, where Sen. John Cornyn (R., Texas) has drafted similar legislation. ... The American Hospital Association echoed Richtman’s concerns when it comes to accountability: “America’s hospitals support the repeal of IPAB, because its existence permanently removes Congress from the decision-making process, and threatens the important dialogue between hospitals and their elected officials about how hospitals can continue to provide the highest quality care to their patients and communities.” ... Mounting opposition to IPAB could pose a problem for President Obama and the Democrats, leaving them with no concrete proposal — beyond the Pelosi “plan” — to preserve Medicare, which administration officials predict will run out of money in 2024. National Review
- The Constitutionality Of ObamaCare’s Individual Mandate Continues To Come Under Fire In The Courts. When we first articulated ObamaCare's fundamental constitutional flaws in these pages nearly two years ago, our objections were met with derision by the law's defenders. Those who have been following the unfolding litigation are no longer laughing. Three U.S. Circuit Courts of Appeals are poised to render decisions on the Patient Protection and Affordable Care Act in the coming months. Despite hundreds of briefing pages and numerous oral arguments, government lawyers have yet to address the law's most basic constitutional infirmity. Only a "general police power"—the right to enact laws alleged to be in the public interest without regard to interstate commerce or some other federal legislative authority—can support the law's centerpiece, the "individual mandate" that all Americans purchase health insurance. The Constitution denies that power to the federal government, reserving it to the states alone. The Wall Street Journal
Senate Side: The Growing Power Struggle Between Senator Reid and Senator Schumer Boils Over
Senate Leadership Divide: Dem Strategist - Reid’s Crew Got “Schumed.” The Senate Democratic Policy and Communications Center faces fresh scrutiny following the departure of the communication war room’s most senior aide to Majority Leader Harry Reid. The unusual marriage of the Nevada Democrat’s communications staff with that of Conference Vice Chairman Charles Schumer — charged with the running the DPCC — has from the beginning fueled speculation about Reid’s hold on power and whether his New York colleague would use his expanded responsibilities to solidify his influence over the caucus. Last week’s decision by Reid’s chief spokesman, Jon Summers, to quit after just five months on the job has helped resurrect such questions ... One Democratic strategist said pointedly that Summers’ exit from the DPCC was part of the continuing “Schumerization” of the war room. “The war room just got ‘Schumed,’” the strategist said. “Schumer’s got the best of both worlds. He’s got more and more of a role in shaping the message, and he doesn’t have any of the responsibility and accountability that comes from being the leader.” Roll Call
Getting To Know The Freshmen
Frank Guinta: Rep. Frank Guinta represents New Hampshire’s First Congressional District. In 2005, Frank was elected mayor of Manchester, New Hampshire’s largest city. He worked hard to give Manchester residents their first tax cut in a decade, he cut borrowing by 50% and instituted the city’s first spending cap. Frank and his wife, Morgan, were honored in 2001 by The New Hampshire Union Leader's “40 Under Forty” program. They are the only husband and wife to be so honored by the newspaper. The Guintas live in Manchester with their daughter Colby, seven, and son Jack, six. Little Known Fact: Frank was 35 when he was elected mayor in November 2005, becoming the youngest person to serve as Manchester's mayor in over a century. (Courtesy of The Whip’s Office)
Off The Beaten Path
Wrong On So Many Levels – Burger King Bombards Japan With Mini Spam Burgers For Women – The Consumerist
Epic Fail – Macy’s Declares Miami Heat NBA Champions – The Atlanta Journal-Constitution
Today, the House will meet at 10:00 a.m. for morning hour and 12:00 p.m. for legislative business. First votes expected: 1:30 - 2:30 p.m.
- One Minute Speeches (15 per side)
- Complete Consideration of H.R. 2055 - The Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2012 (Open Rule) (Sponsored by Rep. John Culberson / Appropriations Committee)
- Begin Consideration of H.R. 2112 - Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2012 (Open Rule) (Sponsored by Rep. Jack Kingston / Appropriations Committee) The rule provides for one hour of general debate and makes in order any amendment offered that complies with the House rules.
- Special Order Speeches