The Leader's Ledger

Posted by Brian Patrick on

Good morning,

Today, Leader Cantor heads to Lexington, Virginia, where he will address Washington and Lee University’s 2012 Republican Mock Convention. In his address, Leader Cantor will contrast his vision of a “fair shot” with President Obama’s. In the former, a fair shot means equality of opportunity for all Americans and in the latter, a fair shot means equality of outcomes. Leader Cantor will make a call to “encourage more entrepreneurs to start small businesses and provide the environment so risk takers will again take risks. ... And our efforts should be to create an environment to foster job creation. That is why I propose a 20% small business tax cut to help the backbone of our economy - American small business people.” Watch Leader Cantor’s address at Washington and Lee University’s today at 4:00 p.m. EST at

Today In History: In 2006, celebrated by critics and beloved by its relatively small but devout fan base, the FOX television series Arrested Development aired its last episode.

Birthdays: Rep. Walter Jones, George Stephanopoulos, Robert Wagner, Greg Norman, Glenn Beck, and Jim Cramer Tomorrow: Jennifer Aniston and Rep. Rob Woodall

Here is what’s in today’s Ledger…

State Of Play: Leader Cantor To Address Washington and Lee University Today

Leader Cantor: The Focus Must Be On The Backbone Of America’s Economy – Small Business. "We must encourage more entrepreneurs to start small businesses and provide the environment so risk takers will again take risks. ... And our efforts should be to create an environment to foster job creation. That is why I propose a 20% small business tax cut to help the backbone of our economy - American small business people. ... Politico’s Playbook

Cantor To Outline House GOP Small Biz Tax Cut: Small businesses (those employing less than 500 individuals) employ about half of all Americans, yet they can be subject to tax rates that siphon away one-third or more of their income. ... Small Businesses (those employing 500 or fewer) would be allowed to exclude 20% of their income from taxes irrespective of whether or not they pay under the individual or the corporate tax code. ... [A] small business ... under current law would pay a 30% federal tax on $100 of income, resulting in a $30 tax bill. Under the House Republican proposal, the small business would be able to exclude 20% of their income from tax (20% of $100 = $20). The small business would then pay the same 30% tax on the remaining $80, resulting in a $24 tax bill. Under the House Republican proposal, the small business immediately saved $6 in federal taxes." Politico’s Playbook

State Of Play (2): Dems Obstruct Progress On Payroll Tax Holiday For 160 Million Americans

Speaker Boehner: President Obama and Senate Democrats Are Blocking An Agreement On Payroll. Boehner accused President Barack Obama of preventing Senate Finance Committee Chairman Max Baucus (D-Mont.) from cutting a deal with Republicans – echoing similar concerns relayed by Rep. Dave Camp (R-Mich.) to House Republican leadership. “Right now the only ones blocking an agreement are Democrats and the president,” Boehner said. “It’s time for them to act.” Politico

Leader Cantor: House Republicans Reject The Notion Of Raising Taxes On Anyone. House Majority Leader Eric Cantor (R-Va.) indicated Thursday morning that Republicans would reject any tax hike as a way to pay for a full-year extension of the payroll tax holiday. "[W]e as Republicans in this House do not support taxes going up on anybody. We don't believe you ought to tax anybody," he said on the floor. "We hope that the conferees can produce something for us to vote on, but we are not in any way, shape or form advocating for taxes to go up on hard-working people," he added. The Hill

Dems Dismiss Republicans Pay-Fors, But Offer Few Solutions. Democrats have dismissed a host of Republican suggestions for how to pay for the extensions and have made few significant public counteroffers, leading Republicans to insist that the party is not serious about making a deal. … “The president and Senate Democrat leaders will not allow their conferees to support a reasonable bipartisan agreement on spending cuts,” Speaker John A. Boehner told reporters Thursday. “Worse, they’ve refused to allow any alternatives at all except for job-killing small-business tax hikes that they know can’t pass the Senate, much less pass the House.” The New York Times

The Road Ahead: President Obama Refuses To Make Responsible Choices In His Budget, Again

Reports Indicate President Obama Will Ignore The Main Drivers Of The Debt. President Barack Obama's budget proposal Monday will offer several measures to trim the federal deficit in the next 10 years. But it would leave largely unchanged the biggest drivers of future government spending: the Medicare, Medicaid and Social Security programs that are expanding rapidly as the baby boom turns into a senior boom. The Wall Street Journal

Flashback: The Washington Post On President Obama’s Last Budget – President Obama's Budget Kicks The Hard Choices Further Down The Road. President Obama, in his fiscal 2012 budget proposal, chose instead to duck. To duck, and to mask some of the ducking with the sort of budgetary gimmicks he once derided. "The fiscal realities we face require hard choices," the president said in his budget message. "A decade of deficits, compounded by the effects of the recession and the steps we had to take to break it, as well as the chronic failure to confront difficult decisions, has put us on an unsustainable course." His budget would keep the country on that course. The Washington Post

Flashback: Here’s How The New York Times Referred To Obama’s Last Budget – “Most Definitely Not A Blueprint For Dealing With The Real Long-Term Problems.” What Mr. Obama’s budget is most definitely not is a blueprint for dealing with the real long-term problems that feed the budget deficit: rising health care costs, an aging population … Rather, it defers those critical issues … The New York Times

Obamanomics: President Obama’s Regulatory and Energy Policies Cost Jobs

Whip McCarthy: President Obama’s Regulatory Agenda Has Added Uncertainty, Made It More Difficult For Small Businesses To Succeed and Grow. As a former small-business owner, I know that the greatness of our economy is owed not to government spending and intervention, but to a marketplace where entrepreneurs and small businesses are free to create, compete and succeed. I believe in a better way forward – one that unleashes our economy from the weight of government and makes America competitive again. We must begin leveling the playing field with foreign competitors by pursuing comprehensive tax reform, regulatory reform and a domestic energy agenda that utilizes all our domestic resources. … the United States and California must increase competitiveness is improving our regulatory environment. My experience as a small-business owner taught me that government regulations are more often a burden than a help for growing businesses. Each year, regulations sap $1.75 trillion from the private sector and cost small businesses an average of $10,000 per employee, according to one study. For small businesses already facing enormous uncertainty from the current economic climate, over-regulation has made their plight worse. The Sacramento Bee

President Obama’s Energy Policies Have Cost Jobs, Threaten Energy Security. The president's regulatory overreach has placed our domestic energy security in jeopardy while costing thousands of American jobs that are now being shipped overseas. His moratorium on energy exploration in the Gulf of Mexico last year, and most recently, his decision to reject construction of the Keystone XL Pipeline, is costing America jobs. We need an energy agenda that embraces all of our domestic resources. Increasing our domestic energy production will grow our economy, create hundreds of thousands of American jobs, make us more energy independent and produce new revenues to fund needed infrastructure projects across the country. The Sacramento Bee

Rep. Phil Gingrey: Keystone vs. Solyndra. Achieving energy independence is paramount to our economic prosperity and national security. How to accomplish these priorities, however, has been the subject of political debate for decades. Currently, the United States imports nearly 12 million barrels of oil daily to the tune of $1.1 billion. Our nation’s heavy dependency on foreign resources from unstable regimes leaves us at the whim of despots, potentially sacrificing access to reliable energy supplies. … Keystone XL would create 20,000 direct jobs and up to 118,000 spin-off jobs. These jobs would employ some Americans hardest-hit by the recession - pipe fitters, machinists, welders and more. On the other hand, Solyndra’s bankruptcy not only cost taxpayers half a billon dollars, but also 1,100 jobs. Innovation inherently carries risk. But it’s vital to balance risk with proven technology. Failure to do so is, at best, incompetence and, at worst, malfeasance. The Washington Times

Keeping Tabs

Did Nancy Pelosi Violate Ethics Rules In News Conference? Pelosi’s remarks came during an event unveiling the latest version of the Disclose Act, which would tighten reporting requirements for corporations, nonprofit groups and super PACs that have become a major factor in the 2012 elections. After answering a question about disclosure requirements, Pelosi added: “And, by the way, we are asking people to contribute to us if they want to elect more reformers to Congress so that we can do away with SuperPACs, we can do away with secret contributions, we can reform the system, we can amend the Constitution to overturn the Citizens United decision.” That first bit — “we are asking people to contribute to us” — could be seen as a violation of both U.S. law, which forbids fundraising in a federal building, and congressional ethics rules, which bar using House resources for political purposes. The Washington Post

Pelosi Might Have Skirted House Ethics Rules On Campaign Solicitations. House Minority Leader Nancy Pelosi (D-Calif.) might have briefly run afoul of congressional ethics rules at a Capitol press conference on Thursday when she made a statement that could be construed as a solicitation for campaign contributions. The Democratic leader was holding a briefing to promote a campaign finance disclosure bill when she said she was “asking people to contribute to us, if they want to elect more reformers to Congress.” House ethics rules prohibit members of Congress from soliciting campaign donations in House office buildings, including the Capitol Visitor Center, where Pelosi was speaking. The Hill

GOP Health Care Reforms