House Republicans agree with the President: we can’t wait on job creation and that is why the House is working on bipartisan measures that will give businesses the confidence they need to grow and begin hiring again. Today on the House floor we will vote on Congressman Gosar’s bill to allow the development of copper resources, help increase economic activity and pave the way for the creation of 3,700 new jobs. In addition, the House Financial Services Committee will move forward with portions of President Obama’s jobs plan that revamp outdated policies to ensure small businesses and entrepreneurs can attract investors, capital and face fewer regulatory burdens, so they can begin to grow and create jobs. As Whip McCarthy, who sponsored The Access to Capital For Job Creators Act included in the Financial Services markup, said today, “I can’t wait for Obama to get off the campaign trail and get back here and work with us to solve some of these problems.”
Today In History: In 1825, the Erie Canal opens, connecting the Great Lakes with the Atlantic Ocean via the Hudson River.
Birthdays: Rep. Geoff Davis, Hillary Clinton, Pat Sajak, Jaclyn Smith, Girl Talk, Seth MacFarlane and Miikka Kiprusoff
Here is what’s in today’s Ledger ...
State Of Play: House To Vote Today On Arizona Focused Jobs Bill
GOP Bill Will Create Jobs, Secure Resources For Future Use. Congress has a rare opportunity to create jobs, preserve a ribbon of river in the desert, raise tax revenue and boost production of a strategic mineral. Without spending a dime. All it takes is a "yes" vote on a land exchange that would allow the Resolution Copper project to go forward. The proposed mine, near Superior, is at the site of the third largest undeveloped copper resource in the world. The Arizona Republic
• Jobs: 3,000 during construction and 1,400 when the mine is at full production.
• Revenues: $19 billion in federal, state and local revenues.
• Conservation: Nearly 7 miles of the lower San Pedro River, named one of the "Last Great Places on Earth" by the Nature Conservancy, transferred from private into public ownership.
• Ripple effect: An additional 2,300 jobs in the Superior area generated by mining needs and worker spending.
State Of Play (2): Happening Tomorrow - House Republicans To Vote On A Portion Of The President’s Bill
White House Backs House GOP Jobs Bill, Says Bill Will Help Reduce Burdens On Small Businesses. The White House announced Tuesday that it supports passage of a House Republican bill intended to boost job creation and due up for a vote on Thursday. ... The White House in an official statement of policy said H.R. 674, sponsored by Rep. Wally Herger (R-Calif.) “would reduce a burden on government contractors who otherwise comply with their tax obligations, particularly small businesses.” The Hill
- Small Biz Chairman Sam Graves: The 3% Withholding Requirement Needs To Be Repealed In Order For Small Businesses To Grow and Expand. Imagine that you are a small business owner who has a thin two to five percent profit margin during a tough economy and are trying to avoid laying off workers. On top of this, the federal government will begin keeping 3% of the money it owes you until the Internal Revenue Service acknowledges – months or years later – that you had already been paying your taxes. Although Halloween is just around the corner, this isn’t just another scary story — it is a burden that millions of small businesses will face if Congress doesn’t repeal the 3% withholding tax. ... Compliance with this withholding tax will impose significant financial burdens on both the public and private sectors, adversely affecting job creation and economic growth at a time when we can least afford it. It will also further limit the cash flow of small companies that operate with thin margins in a difficult economy. Startups and small firms with a high volume of government contracts will be particularly disadvantaged. ... Repeal, instead of another deferment, is needed because small businesses need certainty in order to spark growth and create jobs ... CNBC
Gut Check: Despite Support From Both The House GOP & The White House, Senate Dems Are Unclear How To Move Forward On Bipartisan Jobs Bill. The White House and House Republican leaders are on the same side on jobs, for once. The White House backed the GOP leadership’s latest jobs bill today, which Republicans carved out of President Barack Obama’s own jobs package and paid for with a piece of his deficit reduction proposal. ... Senate Democrats have yet to figure out their next move. “We are still working out a path forward,” a Democratic leadership aide said. Roll Call
Rep. Richard Hanna: 3% Withholding Hurts Small Business. I am a small-business man. I’ve been in construction for more than 30 years in upstate New York, and I’ve done a lot of government work. I can testify that this tax will cost more than it saves. It will raise the total price of every job commissioned by the government. This comes at a time when profit margins are so compressed that businesses often earn little more than 3 percent. ... Small businesses will be affected because this will significantly hinder day-to-day cash flow. ... More paperwork, accounting services and reporting requirements will be mandated. All this at a time when we should be trying to help small businesses, not burden them. ... Above all else, this requirement will greatly lessen one great American value associated with contracts and bidding: competition. Contractors who deliver public services for local, state and federal governments could decide they simply can’t afford to be government vendors. We should foster competition, not limit it. Small businesses are key to our nation’s vitality. In this struggling economy, the last thing lawmakers should be implementing is a tax on services provided that will ultimately cost more than it will bring in. Roll Call
The Road Ahead: House Republicans Continue To Act On Jobs Legislation, Challenge Senate Democrats To Do The Same
Whip McCarthy, Financial Services Republicans Set To Vote On Jobs Bills Aimed At Adding Small Business, Prepare To Take Further Action On President Obama’s Bill. House Majority Whip Kevin McCarthy said today that he hopes that a wave of GOP jobs bills aimed at aiding small-business owners can break through the partisan gridlock that has stalled almost every other bill this year. “There are places where we can agree” with the White House and Democrats, according to the California Republican, who is sponsoring one of several measures that are scheduled for a markup Wednesday in the Financial Services Committee. “The president didn’t write these ideas, but these ideas came up in committee and passed [the subcommittee] by a bipartisan majority,” he said, adding that he expects broad bipartisan support at the committee level. Roll Call
• Whip McCarthy Calls On Senator Reid To Address The Forgotten 15 House-passed Bipartisan Jobs Bills. McCarthy also pointed to 15 “forgotten” plans sitting in the Senate that have not been taken up. These would create jobs, reform the housing industry, and improve the economy, and the president should consider them, he said. “If we can’t wait… I can’t wait for [Obama] to get off the campaign trail and get back here and work with us to solve some of these problems,” McCarthy told Fox & Friends. National Journal
The Economy: Americans Say President Obama’s Stimulus Agenda Has Failed
• 84% Of Americans Say The Economy Is In Bad Shape
• With The Unemployment Rate Hovering Above 9% - 85% Of Americans Believe The Economy Will Stay The Same Or Worsen
• 56% Of Americans Disapprove Of President Obama’s Handling Of The Economy
• 58% Of Americans Disapprove Of President Obama’s Approach To Job Creation
The Trend Continues: Democrats Shun President Obama In Las Vegas. Standing below him was not the usual receiving line of Democratic politicians but a solitary elected official — and one who had abandoned the Democratic Party. ... Obama previously had been greeted by Democrats high and low at the airport, many of them only too eager to shake hands with the president and perhaps ride in the motorcade. Now, the most powerful man in the world is treated like he is arriving on a quarantined plane, a political leper shunned by those who once embraced him — nay, by those he gave political life to just a few years ago. The Las Vegas Sun
Paging Senator Durbin: Blame Bank Fees On Dodd Frank, New Regulations. The Dodd-Frank financial regulation bill, adopted last year following the financial collapse of 2008-2009, in which large banks were at risk of failure, contains a section that required the Federal Reserve to come up with a limit on the amount banks could charge merchants for servicing consumer purchases with a debit card. So the Fed decided to cap the fee for each swipe of a debit card at Target or the grocery store at around 24 cents, down from 44 cents. The fee cap went into effect this month. ... Unsurprisingly, a number of banks then announced they would directly charge their own customers a monthly fee to use the bank's debit cards. ... Customers can switch to a bank that doesn't charge debit fees, they can use a credit card for purchases instead, or they can pay with cash. But if federal regulators are going to impose $12 billion in new costs on banks, they shouldn't be surprised when those costs get translated into new fees for consumers. The Detroit News