The Leader's Ledger

Posted by Brian Patrick on

Good morning, 

While many in the press corps eagerly awaited reaction from Republicans in Congress to the President’s jobs plan, it turns out that he is getting big push back from his own party. Senator Reid says the Senate has other priorities before considering the President’s plan, Congressional Democrats are opposing the new spending and even the laundry list of tax increases to pay for it. It is clear that neither party believes that more government spending should be funded by limiting deductions on charitable giving at a time when soup kitchens and other charities are providing critical services to people in need. As Leader Cantor has said, the President’s all or nothing stance is not the way to get things done. In order to produce results, we must focus on provisions supported by both parties in order to boost economic growth and get the millions of unemployed Americans back to work.

Today In History: In 1962, “Sherry” climbs to the top of the pop charts giving Frankie Valli and the Four Seasons their first #1 hit. In the next six months, the Four Seasons would earn two more #1 hits with "Big Girls Don't Cry" and "Walk Like A Man," making them the only American group ever to earn three consecutive #1 hits. "Rag Doll" gave the group its fourth #1 in the summer of 1964, and many other Top 40 hits followed in the subsequent 12 years before the Four Seasons made a triumphant return to the top of the pop charts with their fifth #1 hit "December, 1963 (Oh, What A Night)" in March 1976.

Birthdays: Rep. Joe Barton, William H. Taft, Agatha Christie, Tommy Lee Jones, Jason Terry and Kirsten Kukowski

Here is what’s in today’s Ledger ...

State Of Play: Democrat Opposition Continues To Mount Against The President’s Jobs Plan

Fact Checker: The President’s Plan Isn’t Paid For, Lacks Bipartisan Support, and Is A Collection Of Recycled Proposals That Have Been Rejected In The Past By A Democrat-Controlled Congress. Is everything in his $447 billion proposal paid for? Seriously, if you really believe any of that, we have the Brooklyn Bridge to sell you. ... Moreover, the president proposes to pay for the jobs package with a series of tax increases that he has repeatedly proposed — and seen rejected, even when the Democrats controlled both houses of Congress. ... Strikingly, within the 30-page document, the administration cannot demonstrate any support for the biggest part of the “pay-for” plan — a proposal to raise $400 billion over 10 years by limiting itemized deductions for couples making more than $250,000 and individuals earning more than $200,000. That’s because Republicans have rejected the idea — both now and in the past. ... It is worth noting that Obama would spend about 80 percent of the $447 billion in the first year — but would take 10 years to pay for it. (The new spending would also add about $36 billion in net interest payments, administration officials said.) ... So the president’s claim of bipartisan support is a real stretch. We also don’t understand how recycling proposals that have been rejected in the past can support the claim of having fully paid for the package. The Washington Post

Senate Dems Not On Board – Reid May Not Act On Obama Jobs Bill Until The End Of October Or Later ... President Obama’s calls for quick action on his plan to boost employment are aimed at pressuring Republicans, but he faces a more immediate hurdle in Senate Democrats’ plodding pace. The floor schedule outlined by Senate Majority Leader Harry Reid, D-Nev., means that Obama’s plan may await action until late October or later. ... “We’ve got to get rid of some issues first,” Reid told reporters on Tuesday. Reid, who has said previously he will seek a vote on the bill as soon as possible, said he did not know “exactly what I’m going to do yet with the president’s jobs bill.” With Obama’s demand for an immediate vote, Reid’s failure to promise one reflects more than the Senate’s tendency to move slowly. ... If the White House agrees with that approach, that view is not reflected in Obama’s speeches. National Journal

  • Senate Democrats Have Serious Questions About President Obama’s Bill. President Obama anticipated Republican resistance to his jobs program, but he is now meeting increasing pushback from his own party. Many Congressional Democrats, smarting from the fallout over the 2009 stimulus bill, say there is little chance they will be able to support the bill as a single entity, citing an array of elements they cannot abide. ... “I think the American people are very skeptical of big pieces of legislation,” Senator Bob Casey, a Democrat from Pennsylvania, said in an interview Wednesday, joining a growing chorus of Democrats who prefer an à la carte version of the bill despite White House resistance to that approach. “For that reason alone I think we should break it up.” ... “I have serious questions about the level of spending that President Obama proposed,” said Senator Joe Manchin III, a Democrat from West Virginia ... Senator Kay Hagan declined on Wednesday to say her support for the bill that Mr. Obama spent the day promoting in her state was indubitable. “We’ve got to have legislation that is supported by Democrats and Republicans,” she said. “I’m going to have to look at it. “ The New York Times

Editorial: Cantor Is Right – Sidestep The President’s “All Or Nothing” Approach and Focus On Areas Of Commonality. House Majority Leader Eric Cantor, R-Va., is right when he says the best approach may be for Congress to sidestep Mr. Obama's "all-or-nothing" approach, instead identifying parts of the proposal that can win the support of Republicans who agree with the president's earlier admission that only private business can create jobs in the numbers needed to accelerate recovery. The House should pass those pro-business, pro-job proposals as stand-alone bills and forward them promptly to the Democratic Senate. "I mean, when you start talking about tax relief for small business owners," Mr. Cantor said, "that's something that we've been talking about for several years now. When you start talking about streamlining bureaucracy ... fine." The Las Vegas Review-Journal


State Of Play (2): House Republicans Focus On Removing Barriers To Job Creation For Small Business

Whip McCarthy & Rep. Scott: Overreach By The NLRB Is Costing Jobs. The federal government should not be telling private businesses where they can and cannot create jobs in the United States. That’s why House Republicans on Thursday are taking up the bill, the Protecting Jobs From Government Interference Act, which would prohibit NLRB from ordering any employer to relocate, shut down or transfer employment under any circumstance. Knowing that there won’t be the threat of arbitrary government interference in private business decisions, these businesses will have more confidence in moving forward with investment decisions. The president can keep the door open for the creation of up to 11,000 jobs by telling Senate Majority Leader Harry Reid (R-Nev.) to pass this bill now. ... This new bill is just the first step in our efforts to reassure U.S. businesses — big and small — that we will stand up and fight to ensure the ability of risk takers to pursue their dreams, invest in smart ideas and get Americans working again. Politico

  • Whip McCarthy Unveils Jobs Bill -The Access To Capital For Job Creators Act. House Majority Whip Kevin McCarthy (R-Calif.) is unveiling a bill that he says will make it easier for small companies to line up capital and help get the economy moving again. With jobs and economic growth the predominant concern on Capitol Hill, McCarthy is rolling out the Access to Capital for Job Creators Act, which would roll back a limitation on where small companies can look for funds. “The economic engine of America is small business and we must ensure federal regulations provide minimal interference so that businesses can grow and create jobs,” the GOP's top vote counter said. “Exempting small businesses from the burdensome cost of SEC registration will allow them to find investors in order to expand their companies and grow their workforce, providing jobs across the country. The Hill

NFIB President: President Obama’s Plan Does Not Address The Fundamental Problems Facing Small Business. Dan Danner, NFIB president, says Mr Obama’s plan “does not address the fundamental problems facing small business today” such as regulation the sector sees as excessive. ... Small and medium-sized companies were bigger risk-takers in many ways,” says Jeff Joerres, chief executive of ManpowerGroup, a global staffing agency. “In today’s environment, they’re not taking risks to the same extent – like anticipatory hiring – and it’s stifling growth.” ... The NFIB’s monthly survey of business sentiment regularly shows considerable anxiety about the burden of regulation. Companies griping about taxes and red tape is nothing new, but smaller business owners say their regulatory burden is growing. The Financial Times

  • Small Business Owner: The Obama Administration “Is Just Anti-Small Business.” Rose Corona, owner of Big Horse Feed and Mercantile store in Temecula, southern California, says that, among her middle and upper middle-class customers, “it’s now almost chic to be frugal”. The company employs 25 workers, down from 34 two years ago. ... “This administration is just anti-small business,” she says. The Financial Times


The Road Ahead: President Obama Needs To Abandon His Failed Approach To The Economy and Adopt A Pro-Growth Strategy

President Obama’s Green Jobs Push Falls Woefully Short Of His Promises, Expectations. A $38.6 billion loan guarantee program that the Obama administration promised would create or save 65,000 jobs has created just a few thousand jobs two years after it began, government records show. The program — designed to jump-start the nation’s clean technology industry by giving energy companies access to low-cost, government-backed loans — has directly created 3,545 new, permanent jobs after giving out almost half the allocated amount, according to Energy Department tallies. ... Obama’s efforts to create green jobs are lagging behind expectations at a time of persistently high unemployment. .... “There are good reasons to create green jobs, but they have more to do with green than with jobs,” Princeton University economics professor and former Federal Reserve vice chairman Alan Blinder has said. The Washington Post

  • Jobless Claims Jump To Highest Level Since June. Applications for U.S. unemployment benefits unexpectedly rose last week to the highest level since the end of June, underscoring the risk of further weakness in the labor market. Jobless claims climbed by 11,000 to 428,000 in the week ended Sept. 10 that included the Labor Day holiday, figures from the Labor Department showed today in Washington. Economists surveyed by Bloomberg News projected a drop in claims to 411,000, according to the median forecast. Bloomberg

Americans Are Paying More For Everyday Items. Consumers paid more for a range of goods and services last month, and unemployment benefit applications jumped last week to the highest level in three months. The latest data offered a picture of an economy facing inflationary pressures and a depressed job market. The Consumer Price Index rose 0.4 percent in August, the Labor Department said Thursday. That followed a 0.5 percent increase in July. Excluding volatile food and energy costs, core prices increased 0.2 percent. Prices for food, energy apartment rents, and clothing all increased. The Associated Press

Manufacturing Drops In The New York Area For The 4th Consecutive Month. New York manufacturing activity in September contracted for the fourth consecutive month as shipments cratered this month, according to the Federal Reserve Bank of New York's Empire State Manufacturing Survey released Thursday. The Empire State's business conditions index dropped to -8.82 this month from -7.72 in August. Economists surveyed by Dow Jones Newswires had expected the index to improve to -4.0. The further decline in the Empire State number will heighten worries about the factory sector at the end of the third quarter. Dow Jones


The View From Virginia

President Barack Obama's Disapproval Rating Soars To 54% In Virginia Richmond Times-Dispatch

  • 62% Of Independents Disapprove Of President Obama Quinnipiac


Off The Beaten Path

Waitress At The Chargers Game Inadvertently Makes It Rain – Sign on San Diego

Gumby Turns Himself In – New York Daily News

That’s Definitely A Hot Summer: 70 Days With Triple Digit Temps In Texas – The Star-Telegram
 





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