Earlier this week, the House passed the Cut, Cap and Balance Act with bipartisan support. This common sense proposal is the only plan with House support to meet the President’s request for a debt limit increase while cutting spending, implementing a balanced budget amendment and making long term changes to get our fiscal house in order. The Senate is scheduled to vote on this measure on Saturday and while the President has already issued a veto threat on the measure, Cut, Cap and Balance remains the only proposal that has bipartisan support in the House. Hopefully, Senate Democrats will join their Republican counterparts in passing this balanced plan to eliminate wasteful spending and manage down our debt, so that we can put in place these much needed reforms, cut spending and boost economic growth and job creation.
Today In History: This morning, shortly before 6am EST, the Space Shuttle Atlantis landed at Kennedy Space Center, bringing down the curtain on NASA's 30-year space shuttle program.
Birthdays: Rep John Duncan, Rep. Phil Roe, Rep. Mulvaney, Don Knotts, Robin Williams, Cat Stevens, Ali Landry, Brandi Chastain and Ernest Hemingway
Here is what’s in today’s Ledger ...
State Of Play: Senate Prepares To Hold Vote On Bipartisan Cut, Cap and Balance Bill
Leader Cantor: Democrats Are Trying To Raise Taxes On Small Business and America’s Middle Class. “The taxes they [Democrats] are talking about are raising tax rates on small business people, on entrepreneurs and the middle class in this country.” NBC 12
- Cantor Questions Revenues In The Gang Of Six Proposal: “You can’t make sense of the numbers, I like the fact that you are bringing down tax rates, because I think that is a growth oriented measure. But when you look at the kind of revenues they are talking about in their package, at least loosely. It doesn’t make sense.” NBC 12
The Administration Walks Back President Obama’s Pledge To Veto A Short-Term Debt Limit Increase. Obama had pledged to veto any short-term measure, but White House spokesman Jay Carney said Wednesday that the president could accept an extension of “a few days” if it allowed a long-term deficit-reduction and debt-ceiling deal to work its way through Congress. The Washington Post
Senate To Hold A Vote On Cut, Cap and Balance. Senate Majority Leader Harry Reid will begin on Thursday the process for bringing House Republicans’ Cut, Cap and Balance bill to the floor, which could clear the way to move on a package to raise the nation’s debt ceiling as soon as this weekend, the Nevada Democrat announced Wednesday. Reid intends to act Thursday to set up a procedural vote that would take place Saturday, unless he and Minority Leader Mitch McConnell (R-Ky.) agree to hold the vote sooner. ... The Cut, Cap and Balance legislation, which the House passed on a largely partisan 234-190 vote Tuesday night, would implement steep cuts in government spending and set hard discretionary spending caps. It would also make an increase in the debt limit contingent on Congress sending a constitutional balanced budget amendment to the states for ratification. Roll Call
If Only He Cared This Much About Cutting Spending - Hoyer Laments How A BBA Would Make It “Virtually Impossible” To Raise Taxes. House Minority Whip Steny Hoyer (D.-Md.) said on the House floor last night that if the balanced budget amendment Republicans are supporting is ratified and included in the Constitution it would make it “virtually impossible” to raise taxes. ... the Republican Cut, Cap and Balance plan. This plan would increase the federal debt limit by $2.4 trillion in exchange for cutting federal spending by $111 billion next year and for congressional passage of a balanced budget amendment that, if ratified, would require supermajority votes in Congress to increase taxes, increase the debt limit, or spend more than 18 percent of GDP in a given fiscal year. Hoyer was evidently alluding to the amendment’s requirement that taxes could only be increased with a supermajority vote of Congress when he said the proposal would make it “virtually impossible to raise revenue.” CNS News
The Obama Economy: Unemployment At 9.2%, Jobless Claims On The Rise and Still No Growth Plan From President Obama
President Obama’s Interventionist Policies Are Creating Uncertainty, Imposing Regulatory Roadblocks and Deterring Investment and Job Creation. Economic policy in the '80s and '90s was decidedly noninterventionist, especially in comparison with the damaging wage and price controls of the '70s. Attention was paid to the principles of economic and political liberty: limited government, incentives, private markets, and a predictable rule of law. Monetary policy focused on price stability. Tax reform led to lower marginal tax rates. Regulatory reform encouraged competition and innovation. Welfare reform devolved decisions to the states. ... Since 2009, Washington has doubled down on its interventionist policy. The Fed has engaged in a super-loose monetary policy—including two rounds of quantitative easing, QE1 in 2009 and QE2 in 2010-11. ... On the fiscal side, we've also seen extraordinary interventions—from the large poorly-designed 2009 stimulus package to a slew of targeted programs ... Since President Obama took office, we've added on complex regulatory interventions in health care (the Patient Protection and Affordable Care Act) and finance (the Dodd-Frank Wall Street Reform and Consumer Protection Act). The unintended consequences of these laws are already raising health-care costs and deterring new investment and risk-taking. The Wall Street Journal
Jobless Claims Continue To Rise In The Obama Economy. New claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, pointing to a labor market that is struggling to regain momentum after job growth faltered in the last two months. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 418,000, the Labor Department said. Economists polled by Reuters had forecast claims rising to 410,000. The prior week's figure was revised up to 408,000 from the previously reported 405,000. Reuters
San Francisco Fed Downgrades Outlook For Economic Growth, Says Unemployment To Remain Elevated “For Some Time.” The U.S. economy has lost momentum and will expand 2.6 percent this year, a percentage point less than a forecast made in March, said a researcher with the Federal Reserve Bank of San Francisco. ... Structural unemployment will remain above pre- crisis levels “for some time,” she said. Bloomberg
Why We Need Pro-Growth Policies: Companies Begin To Lay Off Workers As Economic Growth Predictions Fail To Meet Expectations. Companies are laying off employees at a level not seen in nearly a year, hobbling the job market and intensifying fears about the pace of the economic recovery. ... The cuts also reflect the shifting outlook of employers, many of whom had expected the economy to gain speed as the year progressed. Instead, growth has faltered. If the pace continues to disappoint, more companies will feel pressure to pull back. " ... Many economists, including those at the Federal Reserve, have forecast growth accelerating to 3% or more in the second half, as Japan-related supply disruptions fade and energy prices recede from their summer highs. But in the past few months that view has come into question, as spending has slowed and surveys reflect mounting consumer pessimism. Economists, meanwhile, have started downgrading their estimates for second-half growth. The stepped-up pace of layoffs suggests companies are losing faith in the prospect of a second-half rebound. The Wall Street Journal
Getting To Know The Freshmen
Mo Brooks: Rep. Mo Brooks represents the Alabama Fifth Congressional District, proudly serving the people of North Alabama. Growing up in North Alabama, Mo Brooks' parents taught him early on that study and hard work were expected and required. They also taught him the importance of honesty, and to never be shy about speaking up and fighting for important principles. In 1976, Mo married Martha Jenkins of Toledo; they met at Duke University. Martha graduated from the University of Alabama with an accounting degree. She later retired as a certified public accountant and obtained a math and education major from the University of Alabama in Huntsville in 2005. She teaches math at Whitesburg Middle School. Mo and Martha are the proud parents of four children. (Courtesy of the Whip’s Office)
Off The Beaten Path
#Fail – Michigan Bride Jailed On Wedding Day For Identity Theft – The Associated Press
Yikes – 40-Foot Sinkhole Opens Up Under Woman's Bed – KTLA
What? Reported Mudslide Turns Out To Be .... A Man Crashing His ATV