The President has been traveling around the country saying that ‘we can’t wait.’ House Republicans agree, and we are not waiting. This week, both parties in the House joined to pass a portion of the President’s jobs bill – repeal of the 3% withholding provision. Next week we will move forward on another provision in his bill to provide access to capital for small businesses. These bipartisan measures will remove unnecessary burdens facing businesses and local governments, and will enable small businesses access the capital they need to expand and create jobs. We are working to grow the economy and pave the way for job growth, and we hope the Senate will give the President the opportunity to sign these measures into law.
Heads up: Today Leader Cantor will speak at Northwestern’s Kellogg School of Management about how we can create an environment that will spur economic growth, job creation, and innovation, and ensure everyone has the opportunity to achieve success.
Today In History: In 1886, President Grover Cleveland dedicates the Statue of Liberty in New York Harbor.
Birthdays: Julia Roberts, Charlie Daniels, Bill Gates, Dennis Franz, and Annie Potts
Here is what’s in today’s Ledger ...
State Of Play: The House Continues To Act, Passes Its 17th Bipartisan Jobs Bill
Common Ground: House Republicans Are First To Pass A Portion Of President Obama’s Jobs Bill. Lawmakers in the US House of Representatives voted by a huge margin Thursday to permanently abolish the collection of a withholding tax on federal contractors, the first time part of President Barack Obama's job creation bill has passed either chamber of Congress. The vote was 405-16, an unusual display of bipartisanship in a job creation debate that has been marked by party division for months. Every Republican who cast a vote supported the repeal as did all but 16 Democratic lawmakers. Dow Jones
• SAY WHAT?!?!?! Senate Dems Might Act On A House-Passed Jobs Bill ... Let’s Just Say We Won’t Be Holding Our Breath. Some Democrats are reluctant to use the Medicaid savings to offset the cost of eliminating the withholding tax, preferring to save the offset for other legislation. Whatever the approach to paying for it, Reid said he was confident the withholding tax will be repealed. “I don’t think people are too far apart on this,” Reid spokesman Adam Jentleson said. National Journal
State Of Play (2): Republicans Focus On Eliminating Barriers To Job Creation and Economic Growth
The Best Policy Response Is To Ease The Burdens On Small Business As Much As Possible and Avoid Imposing New Ones. Yet even 2.5% growth is a reminder of how well the economy might be doing if Washington wasn't sitting on its shoulders. These columns have chronicled the tax, regulatory and other barriers that have undermined confidence and limited the revival of more robust risk-taking, and there's no need to repeat them today. The best policy response barring a renewed downturn is to ease those burdens as much as possible and avoid imposing new ones. ... Burdens to avoid include passing President Obama's Jobs Act, which would trade temporary tax cuts and more spending for permanent tax increases on small business job creators. The Wall Street Journal
• It’s Time To End The Regulatory Binge and Return To Pro-Growth Policies. To reduce the 9.1% jobless rate and once again lift incomes, the U.S. will have to do better than 2.5% growth. We should be aiming much higher. Achieving that goal will require an end to the government spending and regulatory binge of the last four years, and a return to pro-growth policies. The gridlock in Washington has at least stopped any serious new legislative damage, though the regulatory state continues to whip the long tail of the Pelosi Congress. The Wall Street Journal
Speaker Boehner & Leader Cantor Tell The Obama Administration Not To Enact More Counterproductive Regulations – This Time On Truckers. Allen Parker tried an experiment. He scrapped his routine of driving his powder-blue rig across the Great Plains for 11 hours a day. Instead, he drove it for 10. That one-hour difference wreaked havoc. ... House Speaker John Boehner and Majority Leader Eric Cantor sent a letter to the president on Oct. 5 demanding that the rule be withdrawn, saying it would add $1 billion in costs to an industry that already has cut driver fatalities. The weak economy makes the timing of the rule especially onerous, the Republican lawmakers said. ... Parker said he typically works 65 hours a week, driving 3,000 miles. He said he has driven 2.8 million miles without a crash. ... Parker calculated the lost hours of driving would personally cost him $5,700 in lost wages annually. ... “If we are continuously improving our accident rate as an industry, which we are, and fatalities are continuing to decrease, which they are, taking away this flexibility just doesn’t intuitively sound like a smart idea,” said Derek Leathers, president and chief operating officer of Werner, in an interview at the company’s Omaha, Nebraska, headquarters. ... Werner expects the new rule will cost the company between 3 percent and 5 percent in productivity, Phillips said. The 10- hour limit would mean 6 million to 7 million lost miles a year, he said. Bloomberg
• Rep. Adrian Smith: We Don’t Need More Public Sector Spending, We Need To Focus On Removing The Barriers To Job Creation For Our Small Businesses. For more than two centuries, American workers and innovators have been the engine of an economy envied around the world because they had the ability to create, invent, hire, and expand without a looming uncertainty of the government’s role in their business. Instead of spending more, the President and Congress need to listen and untangle our job creators from crippling tax increases and job-killing regulators. The answer lies not in more public-sector spending, but in trusting hardworking Americans who want to create jobs and get government out of the way. The York News-Times
• Rep. James Lankford: Repatriation Will Boost Job Creation. The answer to getting this money back into our country is straightforward. A new bill, the Freedom to Invest Act of 2011, takes a positive step forward by breaking down the barriers of double taxation. It gives companies the incentive to bring back their overseas earnings now parked in other countries. This bipartisan legislation can create a one-year tax holiday for repatriation of overseas earnings at an effective rate of 5.25 percent. The short-term window will give businesses the incentive to inject much-needed cash into our economy – leading to more taxable revenue, more working capital, more business expansion and more private sector jobs. It will likely provide an immediate and significant boost to the very people we need to help expand our economy. In addition, this low-cost economic proposal could provide more revenue at a time when we are trying to cut our deficit. ... The comprehensive tax reform plan introduced by Rep. Dave Camp is a good step, but we cannot wait until 2013 or later for an economic boost. ... Repatriation is about renewing our faith in the private sector. The government should not tell private businesses where they can move their money and how it should be spent. Those decisions are best left to the private sector — not a government struggling to micro-manage the economy. Politico
Dem Blasts Dem Over Super Committee Proposal – Declares The Plan A “Nonstarter.” At least one House Democrat on the panel didn't support the Baucus proposal because of the Medicare cuts, and many Democrats outside the committee were furious that their party made such a concession. "That's a nonstarter—and that's from our side," said Rep. Henry Waxman of California, ranking Democrat on the Energy and Commerce Committee, who aired his complaints Thursday in a meeting with party leaders and deficit-committee members. "I don't like Democrats having an offer out there that their own team cannot support." The Wall Street Journal
Kaiser Poll Shows Support For ObamaCare Hits New Low – Drop In Support Occurred Mainly Because Of A Lack Of Support From Democrats. The Kaiser Family Foundation released a new poll tonight finding a significant drop in favorable views of the new federal health care law, to their lowest since the law was passed in March 2010. Just 34 percent of Americans now view the Affordable Care Act favorably, down 7 points from last month. (It was about this low, 35 percent, in July 2010). Fifty-one percent now view the law unfavorably, numerically a new high (likewise, by one point). Kaiser says the drop occurred mainly among Democrats, who, while they still are more supportive of the law than are other Americans, have grown less so. ABC News
Behind The Curtain: White House Chief Of Staff Laments How Democrats Have Made It “Very Difficult” For President Obama. “On the domestic side, both Democrats and Republicans have really made it very difficult for the president to be anything like a chief executive,” Daley says. “This has led to a kind of frustration.” Politico