House Republicans intend to keep our promise to cut spending more than we increase the debt limit. Consistent with our commitment to change the system in Washington, we are working on our concrete plan to stop spending money we don’t have and start focusing on getting people back to work. Meanwhile the President and his party continue to play politics by focusing on tax breaks for millionaires, billionaires, and jet owners, which simply aren't part of this conversation. As the White House press secretary made clear yesterday, the President does not have any plan that will reduce the debt, or allow America to responsibly increase the nation’s credit limit. House Republicans remain focused on our plan to allow America to pay its bills, fix this economy, and create jobs.
Today In History: In 1949, the world's first jet-propelled airliner, the British De Havilland Comet, makes its maiden test-flight in England. The jet engine would ultimately revolutionize the airline industry, shrinking air travel time in half by enabling planes to climb faster and fly higher.
Birthdays: Rep. Glenn Thompson, Triple H, Jerry Van Dyke, A-Rod and Peggy Fleming
Here is what’s in today’s Ledger ...
State Of Play: Senator Reid’s Plan Essentially Gives President Obama A Blank Check
Senator Reid’s Plans Fails To Meet The Dollar For Dollar Request. Senate Majority Leader Harry Reid’s (D-Nev.) budget plan would cut the deficit by $2.2 trillion, less than the $2.7 trillion he’d add to the debt limit, according to congressional budget examiners. The Hill
- Majority Leader Cantor: Harry Reid’s Plan Practically Gives President Obama A Blank Check. There are really three options right now. One is to push us past August 2nd which many believe will bring on default ... which I think is unacceptable. The second option is to go with Harry Reid’s plan. Harry Reid’s plan is basically giving the President a blank check and giving him what he wants: a blind increase of the debt ceiling to spend money the way he wants. The fact is it’s the President’s spending and the promotion of his policies that have wrecked this economy. The third option is: let’s go about making sure that we are going dollar for dollar, increase the debt limit but only if we got commensurate cuts to go along with that. Because the Democrats will not agree with enough cuts to give the President all that he wants, because they want to raise taxes with those cuts, we’ve agreed to a $1.2 trillion in cuts to afford a $900 billion increase. What our plan does is force the President back to the table kicking and screaming about taxes and spending in an election year. That is the essence of the President’s position, he doesn’t want to mess with it while he’s running for re-election. Fox News
State Of Play (2): The Boehner Two-Step Approach Is The Best Path Forward
Re-write Strengthens The GOP’s Hand. But the more interesting question is why would Jack Lew write this, and essentially defend Boehner and his bill? I think the most plausible reason is that Democrats have just realized that the Reid bill, which the White House is backing, has made the same mistake, so that Reid’s cuts would also be scored as lower than its authors claim by CBO (probably at exactly the same level as the original Boehner bill). With House Republicans accepting CBO’s correction and re-writing their bill with deeper cuts to suit the later CBO baseline, Reid’s bill suddenly becomes a much weaker player in all this unless he also makes deeper cuts, which the Democrats are obviously not inclined to do. In that sense, this baseline confusion could well strengthen Boehner’s hand. ... Boehner is right to use the opportunity to re-write the bill, and hopefully his team will re-write it along these lines. Reid may have no choice but to follow. And whether he does or not, the debate will have taken a rightward step that makes passage of the Boehner bill even more appealing and important…and perhaps also more likely. National Review
Kristol: To Vote Against The Boehner Approach Is To Vote In Favor Of President Obama, Leader Pelosi. To vote against John Boehner on the House floor this week in the biggest showdown of the current Congress is to choose to vote with Nancy Pelosi. To vote against Boehner is to choose to support Barack Obama. It is to choose to increase the chances that worse legislation than Boehner’s passes. And it is to choose to increase the chances that Obama emerges from this showdown politically stronger. ... There is no path to a better conservative outcome that follows from Boehner going down on the House floor this week. ... Don't get me wrong. The Boehner bill isn't great. But it does check Obama's spending for the remainder of his first term. And it lays the groundwork for denying him a second. Success for Boehner now—whatever mistakes he and others have made in recent weeks and months—makes more likely the defeat of Obama in 2012. The Weekly Standard
- Krauthammer: I think it would be catastrophic if Republicans were not to go with the Boehner plan. Fox News
The Administration Is Worried That The Boehner Approach Will Be The Only Debt Ceiling Vehicle. Mr. Obama recognizes these stakes, threatening yesterday to veto the Boehner plan in a tactical move to block any Democratic support. The White House is afraid that it will pass the House and then become the only debt-ceiling vehicle if Mr. Reid can't get 60 votes for his own proposal in the Senate. This would short-circuit Mr. Obama's plan to blame the GOP for a U.S. credit downgrade, any market turmoil, a possible default, and the lousy economy too. ... thanks to the President's overreaching on taxes, Mr. Boehner now has the GOP positioned in sight of a political and policy victory. If his plan or something close to it becomes law, Democrats will have conceded more spending cuts than they thought possible, and without getting the GOP to raise taxes and without being able to blame Republicans for a debt-limit crackup or economic damage. The Wall Street Journal
State Of Play (3): 6 Days From August 2nd and Still No Plan From The Administration
Editorial: If President Obama Was Serious About Reducing The Deficit He Would Have Released A Plan Months Ago. "I won't bore you with the details," Obama said of his secret budget plan. But the biggest problem with Obama's approach so far is that he has never bothered with any details. The White House has been negotiating with congressional leaders for months, yet Obama has never committed any of his offers to paper. ... If Obama truly was serious about solving our nation's debt crisis he would have released a serious plan months ago. Instead, he not only passed the buck to a debt commission that he created, he then cynically dismissed their work when they announced a solution. Obama then introduced a budget so fanciful that the Senate rejected it 97-0. House Republicans, meanwhile, bravely took a hard vote on a real budget proposal scored by the Congressional Budget Office. Obama reacted by publicly rebuking House Budget Committee Chairman Paul Ryan, R-Wis., and then outlining a plan that was so vague the CBO refused to even score it. The Washington Examiner
- Where Is The President’s Plan? The Senate majority leader and House speaker agree that the debt ceiling can be raised without raising taxes. They both have released plans to raise the debt ceiling while cutting spending. Only Obama has released no plan. Only Obama still insists on tax hikes. Where is the White House plan? Where is the leadership? The Union Leader
The Obama Economy: Regulation Continues To Stifle Private Sector Job Growth
Business Leaders: Regulations Implemented By The Obama Administration Are Crushing Business Start-Ups, Business Expansion and Job Creation. Still, one of the themes being hammered by JCA participants is that it is harder now to start a business in the U.S. than it has been in the past. They cite regulations promulgated by federal agencies, uncertainty over future levels of taxation and rising health care costs. "It was a lot easier for me to start my business 30 years ago than it is for an entrepreneur starting out today to do the same thing," said Whole Foods CEO John Mackey, in a recent Bloomberg TV interview. ... The comments by Wynn and Marcus offer indications that Obama's efforts to shed the 'anti-business' label, which hounded him last year in the run-up to the fall elections, have not been as successful as he perhaps would have liked. ... JCA member Mike Whalen is the founder and CEO of a hospitality company, Heart of America, based in Iowa with annual sales of about $80 million. He said that federal regulators have local banks "paralyzed" and afraid to make loans. Whalen said he is frustrated by the way that financial success is seen with suspicion, underpinning the drive for regulation in Washington. The Huffington Post
Off The Beaten Path
What On Earth? Art and Ads That Can Be Seen From Space – NPR
Record Bust: Local, State And Federal Authorities Uncovered 292,000 Marijuana Plants – CNN