Today, the Senate is scheduled to hold a vote on Cut, Cap and Balance which passed the House earlier this week with bipartisan support. Although the President has already issued a veto threat on the measure, Cut, Cap and Balance remains the only proposal that will significantly cut spending, implement a balanced budget amendment and enact meaningful reforms to get our fiscal house in order. Hopefully, Senate Democrats will join their Republican counterparts in passing this common sense plan to end wasteful spending and begin to manage down our debt, so that we can focus on getting our economy growing again.
Today In History: In 1934, Outside Chicago's Biograph Theatre, notorious criminal John Dillinger--America's "Public Enemy No. 1"--is killed in a hail of bullets fired by federal agents. In a fiery bank-robbing career that lasted just over a year, Dillinger and his associates robbed 11 banks for more than $300,000, broke jail and narrowly escaped capture multiple times, and killed seven police officers and three federal agents.
Birthdays: Rep. Robert Aderholt, Rep. Steve Latourette, Sen. Bob Dole, Shawn Michaels, Williem Dafoe, Don Henley, and Alex Trebek
Here is what’s in today’s Ledger ...
State of Play: Senate To Hold a Vote On Cut, Cap and Balance Today
The Majority Of Americans Support Cut, Cap and Balance and Believe A Balance Budget Amendment Is Necessary
Video Reminder: 22 Senate Democrats Have Supported A Balanced Budget Amendment In the Past. (From The Office Of Congressman Tim Huelskamp)
Leader Cantor: With Unemployment at 9.2% A Tax Increase Is Precisely The Wrong Policy To Pursue. The way President Obama makes it sound in an op-ed for USA Today, it would seem that everyone is on the same page about the need to include some new taxes to raise the debt ceiling. ... the “Gang of Six”—did indeed outline a plan to raise the debt limit that included new revenues, but it was certainly not met with unanimous approval by the GOP ... House Majority Leader Eric Cantor of Virginia said of it: "The plan fails to significantly address the largest drivers of American's debt, and it is unclear how the goals of tax and entitlement reforms would be enforced. I continue to caution that a tax increase is the wrong policy to pursue with so many Americans out of work." National Journal
Democrats Erupt Over Rumors Of A Deal, Complain There’s No Way It Raises Taxes Enough. Reports that President Obama and House GOP leaders were closing in on a deficit-cutting deal Thursday that wouldn't necessarily increase tax revenues led Democrats to erupt like Mt. Vesuvius ... Never mind that the deal would raise the debt ceiling, averting a potential economic disaster when the federal government started withholding payments from some of its creditors, or that projected deficits would be slashed by $3 trillion to $4 trillion over the coming decade. A deal that does those things without collecting more in taxes, the Democrats seemed to be saying, was simply unacceptable. That's, umm, not a compelling message to take to voters. Holding out for a deal with more tax revenue isn't exactly a crowd-pleasing stance. The Los Angeles Times
State Of Play (2): President Obama Acknowledges That Spending, Not A Lack Of Revenue Is The Problem
The Obama Economy: Long Term Unemployment Becomes A Staple Of The Obama Economy
More Americans Suffer From Long Term Unemployment In The Obama Economy. Becoming More than one in three of the unemployed workers in several of the largest U.S. states have been out of a job for more than a full year. Across the country, long periods of unemployment have been more prevalent recently than during previous recoveries going back to the 1940s. During 2010, long-term unemployment was disproportionately a problem in New Jersey, Georgia, Michigan, South Carolina, North Carolina, Illinois and Florida, according to Labor Department data expected to be released later this month. Nationally, 30% of the unemployed, or 4.4 million job seekers, were out of work for more than a year in June 2011, up from 29% of the unemployed in June 2010. The Wall Street Journal
ObamaCare Is Preventing Small Business Expansion, Private Sector Job Growth. The Obama administration’s Bureau of Labor Statistics shows that, since the official end of the recession over two years ago (in June 2009), the percentage of Americans who are employed has actually dropped, while most Americans who are employed are now making less money (in inflation-adjusted dollars) than they were during the recession. Why is our economy plainly failing to match the historical pattern of strong growth following a recession? New analysis suggests that Obamacare (signed into law — “With the strokes of 22 pens” — on March 23, 2010) could be a principal cause. The Weekly Standard
Dodd-Frank A Year Later: Dodd-Frank Will Cost Companies Billions In Regulatory Costs, Loss Of Revenue. From The Executive Summary: This Bloomberg Government Study finds that the Dodd-Frank law may cost 23 public companies a combined total of at least $22 billion in additional expenses or lost revenue. The final Dodd-Frank tally will be higher since many regulations, including those that will restrict lucrative revenue streams and impose higher capital requirements, are not yet completed. Bloomberg Government
Getting To Know The Freshmen
Tim Huelskamp: Congressman Tim Huelskamp (HYUELS-camp) represents Kansas' First Congressional District, known as the "Big First." He was born near and raised on the family farm in Fowler, Kansas. Pioneered by his grandparents Martin and Clara in 1926, the farm operation includes raising corn, cattle, wheat, milo, soybeans and kids. After his undergraduate education at the College of Santa Fe, Huelskamp accepted a scholarship to pursue doctoral studies at The American University in Washington, D.C. In four years he obtained a Ph.D. in Political Science with a specialization in agriculture policy and met his wife, Angela. Before coming to Congress, Huelskamp was first elected to the Kansas Senate in 1996, the youngest senator elected in twenty years. (Courtesy Of The Whip’s Office)
Off The Beaten Path
City Hires 600 Weed Managing Goats – KTVB
Man Claims He Has Cracked The Zodiac Killers’ Code – The Belmont Patch