Despite the President’s national tour to push his jobs proposal, this Administration continues to press for tax hikes and more spending, which will hurt job creation, hurt small businesses and prevent the economy from growing. As Charles Schwab writes today, “We can spark an economic recovery by unleashing the job-creating power of business…[but] we cannot spend our way out of this. We cannot tax our way out of this. We cannot artificially stimulate our way out of this. We cannot regulate our way out of this.” House Republicans agree. That is why we are focused on spurring economic growth by reducing taxes and eliminating the regulatory burdens that are preventing businesses, entrepreneurs and innovators from investing capital and creating jobs.
Today In History: In 1941, the Boston Red Sox's Ted Williams plays a double-header against the Philadelphia Athletics on the last day of the regular season and gets six hits in eight trips to the plate, to boost his batting average to .406 and become the first player since Bill Terry in 1930 to hit .400.
Birthdays: Rep. Bill Cassidy, Ed Sullivan, Naomi Watts, Brian Rafalski, Hilary Duff and David Silverman
Here is what’s in today’s Ledger ...
State Of Play: Democrat Divide - Harry Reid, Senate Democrats Continue To Put President Obama’s Bill On The Backburner
Senator Reid On The President’s Bill, “We’ll Get To That” ... Eventually. Despite early and regular pleas from the White House, Senate Democrats say they will not move immediately to take up President Obama’s jobs bill when they return next week from a short recess. “We’ll get to that,” Senate Majority Leader Harry M. Reid (D-Nev.) said Monday night when asked if the likely passage of a temporary spending bill to keep the government functioning meant the Senate could now consider the president’s package. The Washington Post
- Reid’s Priority Shifts To A Bill The White House Doesn’t Support. Senate Majority Leader Harry Reid (D-Nev.) has made it clear that he will not schedule a vote on President Obama’s jobs package until after the upper chamber moves a China currency bill that the administration does not support. Reid is wielding a significant amount of leverage with the White House on the China legislation, which is unlikely to be signed into law in the 112th Congress. The Hill
State Of Play (2): Republicans Continue To Focus On Innovation, Growing The Economy and Eliminating Job Destroying Regulations
Charles Schwab: We Need To Remove The Roadblocks To Innovation & Growth. We cannot spend our way out of this. We cannot tax our way out of this. We cannot artificially stimulate our way out of this. We cannot regulate our way out of this. Shaming the successful or redistributing income won't get us out of this. We cannot fund our government coffers by following the "Buffett Rule," i.e., raising taxes on Americans earning more than $1 million a year. What we can do—and absolutely must—is knock down all hurdles that create disincentives for investment in business. ... They need to review every piece of existing legislation and regulation with a clear eye to what impact it will have on business and growth. If something is a job killer, put a moratorium on it. Stop adding to the litany of new laws and regulations until we've had time to digest those in place and regain some certainty about the future. Proposed laws and regulations should be put to a simple test: What will this do to encourage businesses and entrepreneurs to invest? What will it do for jobs? The Wall Street Journal
Leader Cantor: We Don’t Need More Stimulus Style Spending, We Need To Focus On Making It Easier For Small Businesses To Operate and Grow. Also Tuesday, Cantor criticized Obama’s plan to help revive the nation’s economy, the American Jobs Act. “He is going to many Republican districts and I hope that he hears what we all hear that people don’t want to see their taxes raised,” Cantor said. ““Stimulus programs are not what we need right now. We need programs geared toward the private sector and how we make it easier for small businesses to operate and grow.” The Atlanta Journal-Constitution
- Whip McCarthy: The Focus Needs To Be On Encouraging Innovation and Growth, Not Raising Taxes. America's history has been written by innovators and their inventions, from Edison's light bulb to Henry Ford's assembly line. ... This long tradition in our country, and specifically California, continues today here in Silicon Valley. It is embodied by companies like Facebook, Apple, eBay and Google -- all started by young idealists in humble surroundings. ... I was at Facebook's headquarters Monday for a town hall meeting with my colleagues and friends, Majority Leader Eric Cantor and Budget Committee Chairman Paul Ryan, to discuss how, with our country's slow economic growth, we can move forward in a better direction. We laid out our fundamental economic principles: Empower the private sector by providing certainty through less regulation; lower taxes; and increase access to capital. We must allow entrepreneurs and small businesses to innovate, create jobs and get the economy moving again. Increasing taxes on those who help these entrepreneurs grow and create jobs is counterintuitive, as it would negatively impact job creation. Yet, just last week, President Barack Obama proposed a $1.5 trillion tax increase, beginning in 2013, reversing course after stating in 2009, "you don't raise taxes in a recession."... We need to pursue comprehensive reform of the corporate and personal tax codes to close loopholes, lower marginal rates and provide an environment where businesses can thrive and compete. Only by encouraging innovation and allowing entrepreneurs to thrive will we get Americans back to work. That is the true solution to our nation's economic crisis. The San Jose Mercury News
State Of Play (3): President Obama’s Proposal Doesn’t Provide A Solid Foundation For Economic Growth
President Obama’s Plan Creates A False Economic “Sugar High,” Not The Lasting Fundamental Growth Necessary. In a memo to House Republicans on Sept. 16, House Speaker John Boehner, Majority Leader Eric Cantor and other leaders detailed several criticisms of the payroll-tax idea. The lawmakers said an added tax burden would result when, under the president’s plan, an extension and expansion of a “holiday” on such taxes for employees and employers would expire in 2013. Herrmann agreed. “We’re setting ourselves up for a big end to the sugar high in the first half of 2013,” he said. Bloomberg
- President Obama’s Jobs Bill Maintains The Status Quo. “It’s not really going to have anything more than a marginal impact,” said Stephen Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut. “It’s just maintaining the status quo: extending the payroll-tax cuts and unemployment benefits. The bulk of the money is going to go to firms that would’ve hired anyway.” Bloomberg
The Road Ahead: Leader Cantor, House Republicans Support A Balanced Budget Amendment
Leader Cantor, Georgia Republicans Voice Support For A BBA, Stress The Need To Put Washington On A Budget. “We also need to put Washington on a budget,” Cantor, of Virginia, said during a brief news conference at the state Republican Party headquarters in Atlanta. “It is high time for us to be able to do that so that people, businesses and the next generation can look to a much more financially secure future.” Georgia’s eight Republican congressman joined Cantor in Atlanta, signaling their support for the balanced budget amendment. The Atlanta Journal-Constitution
- Cantor: BBA Vote To Come This Fall. U.S. House Majority Leader Eric Cantor says Congress could vote on the balanced budget amendment sometime in November, and that lawmakers should put Washington on a budget. The Virginia Republican joined Georgia's House Republican delegation in Atlanta on Tuesday, all of whom say they support the proposal. ... The new version would require a two-thirds vote in both chambers to raise taxes and would cap spending at 18 percent of the nation's total economic output each year. The Associated Press
Employers' Health-Care Premiums Jump 9%. The health-insurance premiums employers pay rose sharply this year, with the average annual cost of family coverage passing the $15,000 mark for the first time, according to a major survey. The 9% average increase, reported in an annual poll of employers performed by the Kaiser Family Foundation and the Health Research and Educational Trust, comes despite a continued trend toward more limited use of medical services in the U.S. Last year, family premiums rose just 3%, the survey found. The Wall Street Journal
Off The Beaten Path
Double Take: Surfers Rescue Injured Great White Shark – CBS LA
Bow Wow Freaks Out
Force Watch: Darth Vader Takes Over Tokyo Trains – CNN