As Leader Cantor joins congressional leaders to head to the White House this morning, we are going to make clear again that any deal to increase our nation’s debt limit needs to get our fiscal house in order, and we are not going to raise taxes on working families and small businesses. Period.
Today In History: In 1930, construction of the Hoover Dam begins. Over the next five years, a total of 21,000 men would work ceaselessly to produce what would be the largest dam of its time, as well as one of the largest manmade structures in the world.
Birthdays: Dick Armey, Ringo Starr, Doc Severinsen, Lisa Leslie, Joe Sakic, Chuck Knoblauch and Corbin Bernsen
Here is what’s in today’s Ledger ...
State Of Play: Deficit Reduction Comes From Cutting Spending and Growing The Economy, Not Raising Taxes
Leader Cantor: We Are For Trillions In Savings, Not Raising Taxes. “All of us support tax reform and simplification, and in fact want to lower rates, because if we lower rates most people would say you are going to have a better environment for job creation. I can tell you one thing, we are united as Republicans that now is not the time to raise taxes. I have talked with the Speaker and he is not for increasing taxes…If the President wants to talk jet owner loopholes, that is $3 billion over ten years. We are talking trillions in savings. If the President wants to talk loopholes, we need offsetting tax cuts somewhere else. We are not for raising taxes. It's not the right thing to do when you have a sputtering economy and so many people out of work.” “Morning Joe”
- Leader Cantor: It’s Counterintuitive To Raise Taxes On Small Business People: The product of the Biden talks forms a blueprint upon which we can build a deal here. I believe it is in place if the President can get serious and insist to the members on the other side of the isle that we are not going to raise taxes right now in a sputtering economy. … I think [the President] has to come to a point in which he responds to the realities here on Capitol Hill and the fact that the Majority in the House, we believe it is counterintuitive to raise taxes. I was home last week and talking with small business people in my hometown of Richmond, and they are in disbelief that this President could assume that it is a good thing to raise taxes on small businesses. Not with unemployment over 9% officially, not with the kind of situation we have in the housing market, and the fact that we have gas prices where they are, costs, uncertainty all that’s too high why would you want to raise taxes in the mix? “On The Record With Greta Van Susteren”
Senate Democrats Rally Around Conrad’s Plan That Raises Taxes By Over $2 Trillion. Senate Democrats on Wednesday embraced a budget proposal that is significantly to the left of President Obama’s plan on raising new tax revenues. ... Roughly half of that total would come from raising government revenues through new taxes and the closure of special tax loopholes, according to Senate sources familiar with the plan. That would put the total amount of additional tax revenues called for by the Conrad budget in the neighborhood of $2 trillion over 10 years, significantly more than what Obama has proposed. The Hill
- House Democrats Threaten To Vote Against Debt Limit Increase Unless The Final Deal Includes Tax Hikes On Working Families and Small Businesses. Welch predicts that as many as half the Democratic caucus might vote No on a bad debt ceiling deal, potentially complicating passage ... “If we have a Mitch McConnell deal” — all cuts and no revenues — “I’d urge others to oppose it,” Welch said. The Plum Line
Op-Ed: President Obama's Debt Plan Fails The Truth Test. Obama has no credibility in the current showdown over raising the debt ceiling because he's pitching a bundle of fibs to cover the reality that he doesn't believe government spending is a problem. His says he's put on the table a balanced approach to reducing the deficit that combines nominal spending cuts with taxes on the rich. There's nothing balanced about a plan that trims just 10 percent from the $1 trillion in new spending Obama added to the budget, while raising taxes to preserve the bulk of that bigger government. Hitting high incomes with punishing taxes won't erase the deficit; the real purpose is to fulfill Obama's campaign promise to spread the wealth. The Detroit News
The Obama Economy: President Obama’s Economic Policies Have Failed To Promote Growth, Spur Job Creation
NFIB Chief Economist: New Jobs Aren’t Found On Main Street. Small businesses were once rightly seen as the entrepreneurial backbone of our nation's economy and way of life. But today they're demonized by the White House as "millionaires and billionaires," and the medicine that's been forced down their throats — $830 billion of stimulus, $1.7 trillion of Fed mad-money, $700 billion of TARP bailouts and $1.75 trillion in yearly regulation costs — has only made them sicker. Small businesses bear the brunt of this failed experiment in Keynesianism. U.S. Bancorp's 2011 small business survey, just released last month, shows the vast majority of small businesses — 78% to be exact — "think the U.S. economy is currently in recession," despite Obama's whopping stimulus. Worse, 85% believe things won't get any better next year. ... "New jobs are not to be found on Main Street," said the NFIB's chief economist, William Dunkelberg. "Overall, the June employment numbers quashed any hope of establishing a positive trend in job creation. It was a serious reversal." Investor’s Business Daily
- President Obama’s Economic Agenda Of Higher Taxes, Increased Spending and Increased Regulation Has Failed To Create An Environment Conducive To Private Sector Growth. The two-year-old recovery’s terrible tale of the tape: A 9.1 percent unemployment rate that’s probably closer to 16 percent counting the discouraged and underemployed, the worst income growth and weakest GDP growth of any upturn since World War II, a still-weakening housing market. Oh, and a trillion bucks down the tube. ... One more step along the path not taken, along with pro-growth tax and regulatory policies that would have reduced policy and economic uncertainty and unleashed the private sector to invest, expand and create. Elections have results. So do bad policies. Obama’s choices on taxing and spending and regulating, sorry to say, seem to have made things worse. Reuters
President Obama Continues To Ignore The Regulatory Burdens His Agencies Are Imposing On Job Creators. ... by executive action alone, President Obama could create more jobs without spending another dime, generating billions of additional dollars in income tax revenues for Treasury coffers. Economists forecast that the Labor Department will issue disappointing job creation numbers on Friday, partly because it's getting harder to create jobs due to our regulatory environment. ... The acting general counsel of the National Labor Relations Board, Lafe Solomon, wants to stop the Boeing Company, which has a backlog of over 800 Dreamliner aircraft on order, from using its new aircraft manufacturing plant in South Carolina to build Dreamliners. ... The NLRB's action is sending a job-chilling signal to foreign and domestic companies which might want to locate plants in America. ... While Mr. Obama knows that burdensome regulations crimp job creation, his agencies continue to interfere with private sector job creation. ... With high unemployment in the headlines, it's time to look at some low-cost solutions to spur job growth. How about some simple regulatory reform? Real Clear Markets
U.S. Service-Sector Expansion Slows. The U.S. nonmanufacturing sector expanded at a slower rate in June, although employment was little changed and price pressures eased. The Institute for Supply Management reported Wednesday that its non-manufacturing purchasing managers’ index fell to 53.3 in June from 54.6 in May. Forecasters surveyed by Dow Jones Newswires had expected the June PMI to drop to 54.0. Readings above 50 indicate expanding activity. The Wall Street Journal
Rep. Denham, Republicans On Transportation and Infrastructure Subcommittee Grill SEC Chair Over $556 Million In Wasted Taxpayer Funding. Freshman Rep. Jeff Denham (R-Calif.) pressed Securities and Exchange Commission Chairwoman Mary Schapiro in a hearing Wednesday over the agency’s decision to lease 900,000 square feet of unneeded office space last year, committing taxpayers to $556 million in lease payments over a decade for space the agency has since abandoned its plans to use. The department’s own Inspector General found that the SEC officials involved in leasing “grossly overestimated the amount of space needed,” using what one of their own realty specialists described “as a ‘WAG’ (wild ass guess)” standard to determine the amount of space required for staff increases expected in part because of the agency’s expanded duties under the Dodd-Frank financial reform bill. ... According to the IG, the Justice Department is considering a criminal investigation into this leasing issue. Also of concern to Denham and his colleagues on the Transportation and Infrastructure subcommittee which oversees the leasing of government buildings was that the sole source contract signed by the SEC violated federal contracting requirements and improperly backdated a document necessary to justify their entrance into a contract without competition from other bidders ... Politico
Getting To Know The Freshmen
Sean Duffy: Rep. Sean Duffy represents Wisconsin’s Seventh District. Duffy was born and raised in Hayward as the tenth of eleven siblings. His great, great grandfather was one of Wisconsin’s early pioneers and a laborer for the Northwestern Lumber Company. His great grandfather, one of Hayward's founding settlers, was a sawyer for 27 years. Congressman Duffy never strayed far from his roots, becoming a nationally recognized professional lumberjack athlete. He is a two-time world champion in the 90-foot speed climb, three-time champion in the 60-foot and an accomplished log-roller. Duffy also starred on the MTV Show “The Real World” and through that experience, he met his wife Rachel Campos-Duffy, an Arizona native. Together, they have six children. Before serving in Congress, Duffy was the District Attorney for Ashland County in Northern Wisconsin where he helped make Ashland County one of the first counties in the state to investigate and prosecute child internet sex crimes.
Off The Beaten Path
Cursive Writing Out In Indiana Schools – TIME
Call Mulder and Scully: Military Jet Crashes Near Roswell New Mexico – The Associated Press
No Kidding ... Report Shows Metro's Escalator Reliability Has Dropped in Recent Months – Fox DC