Yesterday, Senator Reid announced that the Senate will vote on a $60 billion spending package from the President’s jobs plan to fund an infrastructure bank and increase taxes – despite the failure of a similar measure two weeks ago. Not surprisingly, Senate Democrats are already pushing back against more failed stimulus spending and tax hikes. It seems like another week will go by where the Senate does not make progress to move forward any portion the President’s jobs plan or to get the economy up and running again. In contrast, House Republicans know ‘we can’t wait’ and will consider four Financial Services bills that have the support of the President and his party and will make it easier for small businesses to access capital, grow and create jobs.
Today In History: In 1800, President John Adams, in the last year of his only term as president, moved into the newly constructed President's House, the original name for what is known today as the White House. Adams had been living in temporary digs at Tunnicliffe's City Hotel near the half-finished Capitol building since June 1800, when the federal government was moved from Philadelphia to the new capital city of Washington, D.C.
Birthdays: Rep. Darrell Issa, Jenny McCarthy, Gary Player, Eddie McDonald and Stip
Here is what’s in today’s Ledger ...
State Of Play: Majority Leader Cantor Discusses Wealth Mobility, Jobs and The Economy At The Ford School Of Public Policy
Leader Cantor Discusses Wealth Mobility, Limited Government At The University Of Michigan. "We need to restore the notion that working your way up the ladder is still possible in this country," Cantor said. He also said more students should work to become entrepreneurs. "America needs more than a jobs plan. America needs a Steve Jobs plan," he said, referring to the visionary Apple founder and CEO who died last month. "We shouldn't root for anyone to be torn down. Simple wealth redistribution ... doesn't work. We want increased wealth mobility. That should be our focus." He said government's role was to make sure people have the opportunity to take risks and try to achieve their dreams. That was what U-M sophomore Ryan Toles wanted to hear. "I think government needs to step back. They are trying to be involved in too much," he said. "I completely support him." The Detroit Free Press
State Of Play (2): When Will Senate Democrats Act On The House-Passed #Forgotten15 Bipartisan Jobs Bills?
Instead Of Holding Votes On Bipartisan Solutions, Senator Reid Continues To Push Proposals Even Members Of His Own Party Are Hesitant To Support.
• Senator Ben Nelson: I Have Concerns About The Way It’s Paid For. “I have some of the same concerns about the way it’s paid for,” Nelson told POLITICO on Monday night. Politico
• Senator Joe Lieberman: I Have The Same Concerns. “I have the same concerns as I have before,” Lieberman told POLITICO on Monday night. “These are programs that I normally support, but I think the main event now is the supercommittee and I don’t want to make their job any more difficult.” Politico
• Unclear If Tester and Pryor Will Support The Latest Senate Dem Bill. Earlier this month, Nelson and Sen. Jon Tester (D-Mont.) joined all Republicans in voting to filibuster President Barack Obama’s sweeping $447 billion jobs package. A week later, Nelson, Lieberman and Sen. Mark Pryor (D-Ark.) joined Republicans in blocking debate on a $35 billion bill for state aid to pay for teachers, police officers and firefighters — Democrats’ first effort to break the jobs package into individual pieces. It’s unclear if Tester or Pryor will vote for cloture on the infrastructure bill, the next piece of Obama’s jobs plan. Politico
• Senator Jim Webb: We Shouldn’t Be Raising Taxes On Ordinary Income To Pay For This. Sen. Jim Webb (D-Va.), who is retiring in 2012, said he would vote to proceed to the bill, but wouldn’t vote for the bill itself because he objects to the pay-fors. “I’ve consistently said we should not raise taxes on ordinary earned income. I don’t believe that’s the way to pay for this,” Webb told POLITICO. Politico
Florida Small Business Owner: Excessive Mandates From Washington Are Raising Costs, Stifling Growth and Preventing Job Creation. Last year alone, 224 newly issued rules were deemed to be either "major" or "economically significant," meaning they carried a cost to our economy of $100 million or more. This is a 22 percent increase in "economically significant" rules since 2009. Small business owners say compliance with excessive regulations is now the top problem facing small businesses, according to a just-released Gallup poll. This heavy regulatory burden is especially onerous for small companies. According to the Small Business Administration, for small companies the cost of complying with federal mandates is more than a third higher than that borne by large companies. ... In a recent online NFIB/Florida member survey, nearly 90 percent of respondents said keeping pace with federal regulations forces them to increase costs for consumers. In this economic climate, small business owners can't afford for the federal government to be driving costs up and sales down. Left unchallenged, excessive government regulation will continue to impede U.S. job growth. Small businesses generate about two-thirds of America's new jobs, but unnecessary rules handed down from Washington curtail the innovation and economic growth they promise. The Tampa Tribune
Bipartisan Delegation From Pennsylvania Calls On Senate Democrats To Act On The Forgotten 15. A group of US Congressman from Pennsylvania tonight will issue a joint statement calling on the US Senate to pass the Reducing Regulatory Burdens Act (H.R. 872). U.S. Representatives Glenn 'GT' Thompson (R-District 5), Jason Altmire (D-District 4), Bill Shuster (R-District 9), Mike Kelly (R-District 3) and Tom Marino (R-District 10) will re-affirm their support for the bill, which passed the House of Representatives in March by a vote of 292-130. "Western Pennsylvania small businesses have told me repeatedly that regulatory uncertainty impedes their ability to succeed and create jobs,” said Mr. Altmire, the only Democrat involved in the statement. “It’s not too often we find legislation that has as much bipartisan support as this bill. With these regulations taking effect today, the Senate should act quickly and get this bill to the president’s desk.” Pittsburgh Post-Gazette
The Economy: Neither President Obama, Nor Senate Democrats Have Put Forward A Plan That Focuses On Creating A Pro-Growth Environment
Chicago Survey Signals Slower Growth. The U.S. economy expanded at a slower pace in October despite a boost in employment, according to a survey of Chicago-area purchasing managers. The Chicago Business Barometer fell to 58.4 in October, the lowest reading since May, the Institute for Supply Management-Chicago said Monday. The barometer, also known as the Chicago Purchasing Managers Index, or PMI, had been at 60.4 in September. Economists surveyed by Dow Jones Newswires projected the business barometer would slip to 59.8 in October. The Wall Street Journal
The Regulatory Machine: The Obama Administration’s Shift Away From The Principles Of Economic Freedom Continues To Stall The Nation’s Economic Recovery. With a weak recovery—retarded by new health-care legislation and financial regulations, an exploding debt, and threats of higher taxes—the U.S. is in no position to lead as it has in the past. ... As the U.S. has moved away from the principles of economic freedom—instead promoting short-term fiscal and monetary interventionism with more federal government regulations—its leadership has declined. ... Some countries, including Mexico and Brazil, are complaining that the Fed is exporting inflation with its near-zero interest rate and massive purchases of long-term government debt, which is rapidly growing due to U.S. fiscal deficits. And when global inflation picks up, as it has started to do in many emerging markets, it feeds back into more inflation in the U.S. through higher prices of globally traded commodities. With unemployment already high, the result would be stagflation—slow growth, high inflation, steady unemployment—as we saw in the 1970s. The Wall Street Journal
• How To Get Back On Track: Focus On A Cornerstone Of Economic Growth - Entrepreneurs. Since the late 1970s—and likely for many years before that—new and young companies have accounted for the lion's share of net job creation in the United States. Additionally, entrepreneurs have been disproportionately responsible for breakthrough innovations in information technology, biotechnology, and other dynamic industries. Yet, in the mid-2000s, this engine of innovation began to slow down. ... Entrepreneurs may not be the silver bullet solution to economic recovery, but a full recovery, especially in employment, will not happen without entrepreneurs. It’s true that in certain parts of the country, the startup scene is booming. Yet this mini-entrepreneurial boom is as unevenly distributed as the impact of the recession was. ... What, if anything, can policymakers in Washington do to help reinvigorate entrepreneurship?... Today, however, we make it as difficult as possible for immigrants to come here and start companies or, for those who study at American universities, to stay here and start companies. We should immediately grant start-up visas for this population. ... we should create capital gains tax exemptions for startup investments held for a period of years and offer tax incentives for startup operating capital. ... In September, Congressman Ben Quayle introduced the Startup Expansion and Investment Act, which proposes changes to the Sarbanes-Oxley Act that will lower barriers for small companies as they go public. Real Clear Politics
View The House Republican’s Pro-Growth Jobs Plan To Help Get The Economy Back On Track HERE
Leader Cantor, Chairman Ros-Lehtinen Condemn UNESCO Admittance Of Palestine. House Majority Leader Eric Cantor called UNESCO’s Monday vote in Paris “an affront to the international peace process.” “Americans will not stand for unilateral efforts by the Palestinian government to seek international recognition,” Cantor said in a statement. “We stand by Israel as our most valued ally in the region, and the Palestinian Authority must understand that peace is only achievable when the state of Israel is accepted and respected.” Rep. Ileana Ros-Lehntinen, Republican from Florida and chair of the House Foreign Affairs Committee, condemned the vote as “anti-Israel and anti-peace.” “It rewards the Palestinian leadership’s dangerous scheme to bypass negotiations with Israel and seek recognition of a self-declared ‘Palestinian state,’” Ros-Lehntinen said, adding that move “takes us further from peace in the Middle East.” The Daily Caller
Behind The Scenes With The House GOP’s “Listener-In-Chief” Peter Roskam. As chief deputy whip — an unelected but important slot in the leadership hierarchy — Roskam does most of his work behind closed doors. He likens his job to that of “a listener in chief.” “What I have found is that members feel a level of [comfort] telling me things that, my hunch is, they’re not saying to the speaker of the House, or they’re not saying to the majority leader,” Roskam said. ... Another friend, Rep. Mario Diaz-Balart (R-Fla.), attributed the lack of intrigue surrounding Roskam to the fact that “everybody trusts him.” “You meet people up here where you wonder if they have a hidden agenda,” Diaz-Balart said. “Roskam’s a guy — you know where he stands.” In Springfield, where Roskam spent six years apiece in the Illinois House and Senate, he learned to get along with the future commander in chief. Roskam and Obama served together on the state Senate judiciary committee, and he says they had “a good relationship.” “We sparred a lot on the floor, but there was a winsomeness to it, a kind of a, ‘It’s not personal, Sonny, it’s strictly business’ kind of feel to it,” Roskam said, citing a memorable quote from “The Godfather.” The Washington Post