As Leader Cantor said of President Obama’s job plan yesterday, “there are potential for areas of agreement, we are going to work toward accomplishing those.” House Republicans are ready to move quickly the on pro-growth measures from the President's plan where there is common ground, including small business tax relief, passing the free trade agreements and regulatory reform. The President has said that his plan is paid for and won't add a dime to the debt, but it appears that the $447 billion price-tag will be financed by raising taxes on job creators and working families. As the President himself said, “you don’t raise taxes in a recession,” and House Republicans will not agree to a massive tax increase on the job creators that we’re counting on to get people back to work.
NEWS: At 10:30 am this morning, Leader Cantor will discussing areas of agreement to grow the economy and boost job creation at the American Action Forum. Watch the event live HERE
Today In History: In 1814, Francis Scott Key pens a poem which is later set to music and in 1931 becomes America's national anthem, "The Star-Spangled Banner." The poem, originally titled "The Defence of Fort McHenry," was written after Key witnessed the Maryland fort being bombarded by the British during the War of 1812.
Birthdays: Chief Deputy Whip Peter Roskam (Who Received A Live Rendition Of The Boehner Birthday Song At GOP Conference), Ben Savage, Tavis Smiley, Michael Johnson and Milton Hershey
Here is what’s in today’s Ledger ...
State Of Play: President Obama Unveils His Plan To Raise Taxes
President Obama Plans To Pay For His Plan By Raising Taxes, Eliminating Charitable Contributions. The biggest piece of the payment plan would raise about $400 billion by eliminating certain deductions, including on charitable contributions ... Obama has proposed that in the past — to help pay for his health care overhaul, for example — and it’s been shot down by Republican lawmakers along with some Democrats. The Associated Press
- Bipartisan Opposition To Tax Increases: Even When Democrats Were In Complete Control Of Congress, They Rejected President Obama’s Effort To Raise Taxes. In the past, however, Democrats, too, have been wary of the most significant piece of Obama’s tax proposal, the elimination of many tax deductions for the wealthy. When Democrats held Congress, they declined to consider a White House proposal to limit deductions for upper-income taxpayers as a way to pay for health-care reform. The Washington Post
Flashback: March 2009 – Whip Cantor: The President’s Plan Could Cost Charities Billions, When We Need Them Operating At Full Force. “It just defies logic as to why we would want to put up a disincentive for people to give to charities, especially when so many people are in a desperate state in our economy,” Cantor told CNSNews.com after a press conference on Wednesday. “We need charities now—we need them operating at full throttle so I am full-force opposed to what he is trying to do ... Cantor said the plan could cost charities billions of dollars. “That doesn’t make sense,” he said. CNS News
- Leader Cantor: I Sure Hope President Obama Isn’t Trying To Raise Taxes On The Very People We Expect To Create Jobs. In a news briefing with reporters on Monday, Representative Eric Cantor, the Virginia Republican and House majority leader, took pains to say that he was open to the president’s legislative proposals. But he made clear that if they are paid for primarily through tax increases, Republicans would not be going along. “I sure hope that the president is not suggesting that we pay for his proposals with a massive tax increase at the end of 2012 on job creators,” Mr. Cantor said. The New York Times
Growth: The Latest NFIB Survey, Lowered Growth Expectations Exemplify The Need For The President To Adopt A Pro-Growth Approach
NFIB: Confidence Among Small Business Owners At Its Lowest Level In Over 20 Years. Confidence among U.S. small businesses dropped to a 13-month low in August as fewer companies projected better economic conditions and improving sales, a private survey found. The National Federation of Independent Business’s optimism index decreased to 88.1, the weakest reading since July 2010 and the sixth-consecutive decline, from 89.9 in July. The number of small-business owners saying they expected the economy will improve six months from now fell to the lowest level since 1980. “Hope for improvement in the economy faded even further through the month,” William Dunkelberg, the group’s chief economist, said in a statement accompanying the index report. “With such a dim outlook, owners are not going to do a lot of hiring or expanding.” Bloomberg
- Economists Lower Growth Expectations For The Rest Of 2011 and 2012. Confronted with an economy that has decidedly underperformed this year, economists are scaling back their growth forecasts for 2011 and next year. In their latest forecast, top economists with the National Association for Business Economics predict that the economy will grow 1.7 percent this year - down from the group's May prediction of 2.8 percent expansion. For 2012, the group is forecasting growth of 2.3 percent, compared to a May forecast of 3.2 percent growth. The Associated Press
Leader Cantor: The Country Cannot Afford More Stimulus Style Spending. ... GOP reaction to Mr. Obama's proposal on Monday expressed a familiar sentiment, although in a less combative tone. House Majority Leader Eric Cantor (R., Va.) said the parts of the jobs bill involving spending aimed at stimulating economic growth were unacceptable to Republicans. "Anything that is akin to a stimulus bill is not going to be acceptable," he said. "Over half of the total dollar amount is so called stimulus spending. We have been there, done that. The country cannot afford more spending like a stimulus bill." The Wall Street Journal
- Billions Of Stimulus Dollars Go Where The Money Is Not Needed. The Obama administration is investing billions of dollars to promote economic development in rural areas by bringing broadband service and small-business financing to regions with chronic poverty and high unemployment. But critics say the administration has little to show for its efforts, which highlight the difficulties of creating jobs in remote areas. They say the money has gone to areas where it is not needed, to promote broadband where it already exists and for industrial parks designed to attract business and jobs that may never materialize. The New York Times
The Cost Of Overregulation – Bank Of America Announces It Will Cut 30,000 Jobs. What is the cost of overregulation? Bank of America appears to have provided part of the answer by announcing yesterday that the nation's largest bank will cut 30,000 jobs between now and 2014. CEO Brian Moynihan said the bank's plan is to slash $5 billion in annual expenses from its consumer businesses. ... These layoffs are part of the bill for the last two years of Washington's financial rule-writing. After loose monetary policy had combined with insane housing policy to create a financial crisis, the Democrats who ran Washington in 2009 and 2010 enacted myriad new rules that had nothing to do with easy money or housing. The Wall Street Journal
Off The Beaten Path
Did You Meet The New Neighbors? Coyotes take over abandoned Glendale home – The Los Angeles Times
Paging Bear Grylls: Impaled Man's 90-Minute Crawl For Help – The Land
Boise Man Detains Would-Be Thief By Sitting On Him – The Associated Press