The Leader's Ledger

Posted by Brian Patrick on

Good morning, 

While today’s jobs numbers are a slight improvement from last month, underemployment is up and job growth is not keeping up with population growth. We need to work together to create an environment for growth and job creation – and that starts at the top. Instead of campaigning around the country and demanding for his bill to be passed, the President should realize that his own party is rejecting his all-or-nothing jobs plan due to its massive tax hikes and more stimulus spending. Just yesterday, Senator Tester said "There are things I like in this proposal, but they are outweighed by the things I just can't accept right now.”

House Republicans agree, which is why are moving forward on areas of agreement with the President’s plan. This week we voted to delay regulations that would burden employers with higher costs and eliminate jobs, and next week we will pass the long-awaited free trade agreements that the White House has said will create nearly a quarter of a million jobs. Both sides are not going to agree on everything, but it is time for us to come together to help the economy begin creating jobs again.

Today In History: In 1913, Henry Ford's entire Highland Park, Michigan automobile factory is run on a continuously moving assembly line for the first time when the chassis--the automobile's frame--is assembled using the revolutionary industrial technique. A motor and rope pulled the chassis past workers and parts on the factory floor, cutting the man-hours required to complete one "Model T" from 12-1/2 hours to six

Birthdays: Rachel McAdams, Allison Munn, Toni Braxton, John Cougar Mellencamp, Yo - Yo Ma, and Tom Williams Tomorrow: Chevy Chase

Here is what’s in today’s Ledger ...

State Of Play: House Republicans Have Already Identified Areas Of Agreement With The President’s Bill

 

Check The Mail: On September 16th Speaker Boehner & Leader Cantor Wrote President Obama Outlaying Areas of Agreement, and Why They Object To Portions Of The President’s Jobs Bill. OBAMA: “If it turns out that there are Republicans who are opposed to this bill, they need to explain to me, but more importantly to their constituencies and the American people, why they’re opposed, and what would they do.” THE FACTS: ... In a memorandum to House Republicans Sept. 16, House Speaker John Boehner and members of the GOP leadership said they could find common ground with Obama on the extension of certain business tax breaks, waiving a payment withholding provision for federal contractors, incentives for hiring veterans, and job training measures in connection with unemployment insurance. They objected to new spending on public works programs, suggesting instead that Congress and the president work out those priorities in a highway spending bill. And they raised concerns about Obama’s payroll tax cuts for workers and small businesses, arguing that the benefits of a one-year tax cut would be short-lived. The Associated Press

  • Republicans Continue To Focus On Areas Of Agreement: The House Will Take Up Portions Of President Obama’s Bill. House Republican leaders have said they won't vote on Mr. Obama's bill as a whole but will consider some elements of it. "We're not going to bring up the president's bill in whole, because we don't believe in raising taxes and in more stimulus spending," House Majority Leader Eric Cantor (R., Va.) said Thursday on the House floor. "But we are going to take the parts that we can agree on." The Wall Street Journal


State Of Play (2): Senate Democrat Opposition To President Obama’s Bill Continues To Mount

President Obama Faces Bipartisan Opposition To His Proposed Tax Increases: OBAMA: "Every idea that we've put forward are ones that traditionally have been supported by Democrats and Republicans alike." THE FACTS: Obama proposes to pay for his jobs bill by raising taxes, something traditionally opposed by Republicans and, in the form Obama proposed it, even some Democrats. Senate Democrats were so allergic to Obama's approach, which relied largely on limiting deductions that can be taken by individuals making over $200,000 a year and couples making more than $250,000, that they're eliminating it and replacing it with a new tax on millionaires. The Associated Press

Sen. Tester: I Cannot Except The President’s Bill As A Whole. As President Barack Obama tries to rally support for his jobs bill, he has some convincing to do among U.S. senators in his own Democratic Party - including Montana's Jon Tester and Max Baucus. Tester said Wednesday he doesn't support the overall $450 billion package, which includes public works projects, business tax credits and lower payroll taxes for workers. "There are things I like in this proposal, but they are outweighed by the things I just can't accept right now," he said. The Missoulian

  • Sen. Baucus Questions The President’s Bill, Unsure if He Can Support It. And Baucus, who chairs the Senate Finance Committee, said Thursday that while he considers the proposal "a good step in (the right) direction," he is still taking a hard look to see if he can support it. The Missoulian


Out This Morning: Cantor Calls On President Obama To Stop Campaigning and Start Identifying Areas Of Agreement That Will Help Get Americans Back To Work

Leader Cantor: President Obama Needs To Spend Less Time Making Campaign Style Speeches & More Time On Working Together On Areas Of Agreement. For a third straight month, President Obama faces a 9.1% percent unemployment rate. ... "There were far too few jobs created this month, which shows the need to spend less time making campaign style speeches and more time trying to work together to identify policies that we both can agree will create an environment for job creation," said House Majority Leader Eric Cantor, R-Va. USA Today


The Road Ahead: Job Creation Measure That Will Help Create Nearly 3 Million Jobs Gains Bipartisan, Bicameral Support

Cantor: Bipartisan Support Continues To Grow For Job Creation Measure. Corporate repatriation legislation proposed by Senators Kay Hagan and John McCain would let U.S. businesses bring home offshore profits at an 8.75 percent tax rate. The rate on repatriated profits would drop to 5.25 percent if a company’s payroll expanded during 2012, according to a summary of the bill released by Hagan’s office. The current top corporate rate is 35 percent. To qualify for the lowest tax rate, a company would have to increase its payroll by 10 percent as measured by additional workers or higher employee pay. “I want to use every tool in the toolbox that’s at our disposal to help our economy and put people back to work,” Hagan, a Democrat from North Carolina, said in an interview on Bloomberg Television today. .... Brady and House Majority Leader Eric Cantor, a Virginia Republican, issued statements praising the Hagan-McCain bill. Cantor said the measure was “the latest evidence of bipartisan support for repatriation and I applaud their effort.” “I hope that Congress can act quickly so that the president can sign repatriation legislation that will take effect this fall,” Brady said in a statement. Bloomberg

  • Holtz-Eakin: Repatriation Would Boost GDP By $360 Billion and Create 2.9 Million News Jobs. In short, a repatriation tax policy is desirable from several perspectives. First, cash otherwise trapped overseas -- perhaps even permanently -- would flow back into the U.S. JPMorgan Chase & Co. estimated that at least $1.4 trillion in undistributed foreign earnings is locked up abroad; Moody’s Investors Service warns that U.S. tech companies might hold as much as 79 percent of their cash overseas by 2013. I estimate that the short-run stimulus provided by repatriated dollars would speed the pace of economic recovery, increasing gross domestic product by roughly $360 billion and creating about 2.9 million new jobs. ... Finally, a new repatriation tax policy would contribute to a lower overall corporate-tax burden at a time when the high U.S. corporate-tax rate harms economic growth, the amount and quality of domestic investment, and the wages of American workers. More rapid economic growth should be the top national priority, and the consensus in Washington is that the focus should be on private-sector initiatives. Repatriation meets today’s need for more jobs and tomorrow’s demand for a competitive tax code. Bloomberg


Keeping Tabs

WaPo Editorial: Solyndra A Bad Bet President Obama Should Regret. Once the Obama Administration’s paragon of a clean-energy future, Solyndra has gone bankrupt, taking a $527 million Energy Department-guaranteed loan with it. President Obama, however, has no regrets. “Hindsight is always 20-20,” he told George Stephanopoulos of ABC News. “It went through the regular review process. And people felt like this was a good bet.” Solyndra didn’t pan out, Mr. Obama conceded, but that’s the sort of risk the United States must take to compete with countries, such as China, that subsidize solar power. This answer, which Mr. Obama essentially repeated at a news conference Thursday, was unsatisfactory — in tone and substance. When a profit-making venture blows half a billion taxpayer dollars, the president should be more upset about it. The Washington Post


Off The Beaten Path

Tigers Come Through Big-Time In Big Apple – The Detroit Free Press





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