The Leader's Ledger

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Good morning,

Breaking: Biden-Led Budget Talks Reach Impasse

  • Read Leader Cantor’s Statement on Biden Debt Limit Talks HERE


Today In History: In 1989, Tim Burton’s adaptation of the DC Comics hero Batman is released in theaters.

Birthdays: Justice Clarence Thomas, Selma Blair, and Steve Stombres

Here is what’s in today’s Ledger ...
 

State Of Play: Leader Cantor Calls On President Obama To Meet With Speaker Boehner

Leader Cantor: It’s Time For The President To Talk With The Speaker. House Majority Leader Eric Cantor Thursday said he was pulling out of the bipartisan budget talks headed by Vice President Joe Biden for now because the group has reached an impasse over taxes that only President Barack Obama and Speaker John Boehner (R., Ohio) could resolve. ... "We've reached the point where the dynamic needs to change,'' Mr. Cantor said. "It is up to the president to come in and talk to the speaker. We've reached the end of this phase. Now is the time for these talks to go into abeyance." The Wall Street Journal

Leader Cantor: We’ve Got To Get Federal Spending Under Control If We Want The Economy To Grow. Cantor said that the entire goal of the Biden group is to boost the economy by reducing the deficit and debt, which he believes would help the private sector create jobs. “All of this is about trying to get the economy growing again, that’s it,” Cantor said. “We’ve got a lot of options on the table right now, but we’ve got to try to get spending under control.” National Journal

Reid, Schumer Call For More The Same Stimulus Style Spending That Failed To Create Jobs The First Time Around. Senate Democrats kicked off their new drive for a jobs agenda by demanding that new stimulus measures be included in the bipartisan deficit reduction talks led by Vice President Joseph Biden. ... Democrats aren't proposing a specific package, but are instead floating various ideas ... "This is a stimulus program," said Sen. Charles Schumer (D-N.Y.), the No. 3 Democrat ... Roll Call

House Liberals Continue To Dismiss The Need To Cut Spending. Some liberals, such as Reps. Keith Ellison of Minnesota and Jim McDermott of Washington, said it’s “irrational” to link spending cuts to the debt ceiling debate. ... “There’s a great deal of concern about this,” said Arizona Rep. Raul Grijalva, an outspoken progressive Democrat ... “The president is not the decider in this issue; the House decides,” McDermott told POLITICO. “These issues start in Congress. He may make a deal, but it’ll be without any of us — [if it] makes serious cuts in programs and [doesn’t include] revenues.” Politico

  • Memo To Democrats (Who Want To Keep Spending Money We Can’t Afford) On The Size and Scope Of The Debt Crisis: According to the CBO report, policymakers would have to come up with immediate and permanent savings of well more than $7 trillion over the next decade just to keep the debt at its current level of about 69 percent of GDP through 2035. Paying down the debt would require even more dramatic changes. The Washington Post


Pro-Growth: House Republicans Continue To Focus On Legislation Aimed At Getting People Back To Work

Republicans Continue To Focus On Job Creation and Maximizing America’s Domestic Energy Production. “The Obama Administration's overreaching policies and burdensome regulations have hindered American energy development across the country, resulting in higher gas prices, job loss and increased burdens on families and businesses. Today, we are taking action to eliminate needless permitting delays which will allow energy development to move forward off the coast of Alaska and create jobs. By removing the tangle of red tape surrounding the permitting process, we can add up to one million barrels of oil per day to our domestic energy supply and create more than 50,000 jobs. This common sense legislation will help maximize energy production in this country, spur job creation and get people back to work. Leader Pelosi says she's focused on jobs, now she and her caucus will have the chance to support legislation that will create some." Majority Leader Cantor

  • House Sends Another Jobs and Energy Bill To The Senate. The House on Wednesday easily passed legislation to streamline the permitting process for oil and gas drilling in federal waters off Alaska. The final vote was 253-166. ... The bill requires the Environmental Protection Agency to take final action on an application in six months or less, and it would limit opponents’ ability to appeal permits. While the legislation is ostensibly designed for all Alaskan offshore drilling ... It’s taking EPA five years, and it still hasn’t even rendered a decision on a simple exploratory drill permit request,” Energy and Power Subcommittee Chairman Ed Whitfield, R-Ky., said of Shell’s plan on the House floor shortly before the vote Wednesday evening. “We want any company to have the ability to go out and drill and get an expedited answer from EPA. National Journal

Chamber Increases Its Opposition To The Administration’s Burdensome Regulations That Destroy Americans Jobs, Add Thousands Of Dollars In Administrative Costs Per Worker. A powerful U.S. business lobby group on Wednesday launched a campaign against what it called President Barack Obama's "avalanche" of new regulations and warned these were costing American jobs. ... The Chamber said the new financial laws have spawned over 500 new rules and the healthcare reforms created 159 new agencies, commissions and panels. ... "There is one law that Congress has not been able to repeal and that is the law of unintended consequences," Card told a news conference hosted at the chamber to launch their effort. The chamber, which speaks on behalf of hundreds of U.S. businesses both large and small, said the proposed regulations would add thousands of dollars per worker in administrative costs to employers and was driving jobs overseas. Reuters


The Obama Economy: Unemployment Expectations Continue To Rise, Growth Expectations Continue To Fall

Fed Lowers Growth Expectation, Says Unemployment To Remain Elevated Longer. Federal Reserve officials see the U.S. economy settling into a disappointingly weak recovery this year and next, and say they have done all they are prepared to do to spur growth for now. ... The central bank's policy makers substantially downgraded their projections for U.S. economic growth and unemployment, which they released Wednesday after a two-day meeting. ... Mr. Bernanke described the reductions in the Fed's economic growth forecasts as "fairly significant." In 2011, it expects the U.S. economy to expand by up to 2.9%. In April it saw 2011 growth of up to 3.3%, and in January it saw growth of up to 3.9%. The Fed also revised down its 2012 outlook. Officials now see the economy growing by 3.7% or slightly less next year. For much of the year, officials had been saying growth could top 4% next year. The unemployment rate, meantime, could linger at higher levels than previously expected. The Wall Street Journal

  • The Result Of President Obama’s Failed Economic Policies .. Jobless Claims On The Rise. More Americans than forecast filed first-time claims for unemployment insurance payments last week, showing companies are less confident about the expansion than they were earlier this year. Applications for jobless benefits increased 9,000 in the week ended June 18 to 429,000, Labor Department figures showed today. The level of claims exceeded the highest estimate in a Bloomberg News survey in which the median projection called for 415,000 filings. Bloomberg
  • A Total Of 7.54 Million Americans Are Now Receiving Some Sort Of State or Federal Benefit. A total of 7.54 million people received some kind of state or federal benefit in the week of June 4, up 137,220 from the prior week. Total claims are reported with a two-week lag. MarketWatch

American Small Business League: President Obama Continues To Ignore Small Business Job Creators. "It's no surprise that unemployment has jumped from 7.6 to 9.1 percent since President Obama was elected," ASBL President Lloyd Chapman said. "He and his economic team have completely ignored the fact that small businesses are the primary job creators in America.” CNBC


Economic Outlook: Democrats’ Failure To Address Entitlement Will Cause The National Debt To Double The Size Of Our Economy

Failure To Reform Entitlements Will Lead To The National Debt Becoming Twice As Large As Our Economy. The nonpartisan Congressional Budget Office estimated that the rising cost of Medicare, Medicaid and Social Security would, if left unchecked, lead to a national debt twice as big as the economy. The Washington Post

Medicare Trustee Confirms: Absent Action, Program "As We Know It" Ends in 2024. Rep. Peter Roskam (R-Ill.) executed a deft cross-examination of Medicare trustee Dr. Charles Blahous at a House Ways and Means Committee hearing earlier today. Watch as Roskam drills down on the question of what set of circumstances truly "ends Medicare as we know it." Roskam: In fact, Medicare as we know it will end in 2024, absent some change in policy, or some change in moving forward. That's right, isn't it? Blahous: Yes. Townhall

  • Watch The Exchange Here

The White House Attempts To Vilify A Company For Reporting The Reality Of ObamaCare. The White House routinely tries to intimidate its health-care critics, but the campaign against McKinsey & Co. is something else. ... So this week McKinsey opened its books, and what do you know, the survey was rigorous. Respondents were a representative cross-section of businesses of many sizes and across industries and regions, and the questions were impartial. ... McKinsey's study merely echoes what economist Doug Holz-Eakin has also been shouting from the rafters about ObamaCare's impact on private coverage. Ditto for Eugene Steuerle of the Urban Institute. Is that left-leaning outfit now a GOP mouthpiece too? McKinsey isn't known for its partisan sympathies, and most top-drawer consulting firms deliberately avoid the political fray. Clients want intelligence, not controversy. ... The fact that the White House feels it must vilify businesses for telling the truth about ObamaCare shows just how destructive the law really is. The Wall Street Journal


Getting To Know The Freshmen

Adam Kinzinger: Rep. Adam Kinzinger (IL-11) serves on the Committee on Energy & Commerce. The 11th District is home to three nuclear power plants, miles of windmills, hydropower plants, ethanol and biodiesel plants and an oil refinery. The nuclear energy production alone employs more than 2,500 people throughout the District. Shortly after September 11th, Rep. Kinzinger joined the United States Air Force. He was commissioned a 2nd Lieutenant in November 2003 and later awarded his pilot wings. In 2007, he received the United States Air Force Airman's Medal for saving the life of a young woman whom was violently attacked. He wrestled the knife away from the attacker and pinned him to the ground until the police arrived. He was born and raised in the 11th District. His mother, Betty Jo, is an elementary schoolteacher, and his father Rus is a former CEO of two faith-based organizations. He has a brother and a sister. Little known fact: Rep. Kinzinger once fell down into a cave in Guam and claims to have almost plummeted to his death.


Off The Beaten Path

ICYMI – Tune Inn Kitchen Is Destroyed In Fire – The Washington Post

FBI Arrests Mob Boss Whitey Bulger In CA – The Associated Press 
 





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