Today's jobs numbers show growth and job creation remains flat – hovering at 8.3% for the past two months. As Leader Cantor stated this morning, “job growth must be stronger in order for the millions of unemployed to get back to work. We know that jobs aren’t created by Washington. Job growth comes from small business owners and entrepreneurs who take risks and start new businesses.” The strong bipartisan passage of the House JOBS Act represented a moment that is rare in Washington - both sides came together and produced results for jobs and small business growth. The JOBS Act has strong support in the Senate, and we urge Senator Reid to act quickly on the JOBS Act and demonstrate to the American people that we are here to work for them.
Today In History: In 1959, the first Barbie doll went on display at the American Toy Fair in New York City.
Birthdays: Emmanuel Lewis, Brittany Snow, Wally Bronner, Amerigo Vespucci and Sarah Swinehart
Here is what’s in today’s Ledger …
State Of Play: House Overwhelmingly Passes JOBS Act 390 - 23
The JOBS Act Passes The House With Strong Bipartisan Support. Rep. Stephen Fincher’s bill aimed at making it easier for small- and medium-sized businesses to go public passed the House Thursday, marking the first major legislative victory for the first-term Republican from Frog Jump. Fincher’s bill formed a key piece of a larger jobs package designed to spur the growth of start-ups and help small businesses raise capital. The group of bills passed the House 390-23 in a rare moment of bipartisan agreement. “This was a good day, hopefully, for the workers in America, the job creators who can do some positive things for people who are hurting and unemployed,” Fincher said after the vote. His measure would reduce regulatory costs for an initial public offering by creating an IPO “on-ramp” for companies with less than $1 billion in annual revenue, phasing in certain requirements over five years. Those requirements now take effect as soon as — or in some cases before — a company goes public. The Tenneseean
Leader Cantor On Special Report: With 390 Yes Votes In The House, There’s No Reason The Senate Shouldn’t Vote On The JOBS Act. I am hopeful the Senate can act with dispatch. The President has already said he supports this bill. There seems to be nothing in the way or no reasoned position that you would object to the bill at this point, with a vote coming out of the House with 390 of us voting for it. I don't know when we've had a vote like that on a jobs bill in recent memory for sure. So it's important we show the country we're here for them, and that we're trying to work for them and not the other way around. Fox News
• Cantor To Pelosi: Meager? Tell That To The Businesses That Are Started and Americans Who Become Employed Because Of The JOBS Act. Nancy Pelosi may make fun and say it's meager, but it's not going to be meager and insignificant to the small businesses that will actually start up because of this and all the new jobs that are created because of this. I'd like to ask her what she would say to the individuals who actually are going to get a job because of the JOBS Act? It's not too meager to them. So again, the kind of constructive attitude that we can take it is: let's begin to take steps together to actually solve problems. That's what today was all about, focusing on trying to do things for small business people, getting businesses started up again, and frankly now I think the onus goes over to the Senate. We hope that Leader Reid will take this bill right up and do as the President has asked us and get the bill to the President's desk as quickly as possible so we can be there to help small business startups. CNN
Small Business and Entrepreneurship Council Calls On Senate Democrats To Act. "Access to capital remains a daunting challenge for small to mid-size firms at all stages of development and growth. The JOBS Act addresses a number of smart reforms that will boost capital formation and funding opportunities for small businesses. The legislation provides regulatory flexibility and relief from rigid and costly regulations for small firms, while modernizing outdated laws that restrict investment and capital formation," said SBE Council President & CEO Karen Kerrigan. … "Economic conditions remain fragile, and rising gas prices have the potential to undermine the economic gains that have been made to date. The package of capital formation bills will provide a needed boost to business confidence, while offering meaningful solutions to entrepreneurs who are strapped for capital. We urge the Senate to move quickly," said Kerrigan. Fox Business
State Of Play (2): House Republicans Leaders – There Is A Window Of Opportunity To Achieve Bipartisan Results, We Hope Senate Democrats Will Take It
• Leader Cantor: Let’s Give Small Business Owners and Entrepreneurs The Help They Need – Senator Reid Should Act On The JOBS Act Without Delay. While the economy is slowly adding new jobs, job growth must be stronger in order for the millions of unemployed to get back to work. We know that jobs aren’t created by Washington. Job growth comes from small business owners and entrepreneurs who take risks and start new businesses. That’s why we’re doing everything we can to help small businesses grow and start hiring again. Yesterday, the House passed the Jumpstart Our Business Startups Act with strong bipartisan support. The JOBS Act has the support of President Obama and the entrepreneurs and small business owners who know what it takes to start a business from the ground up. This is a welcome sign that we can put aside our differences and come together to produce results and create a thriving economy. I urge Senator Reid to act quickly and send this bill to the President.
• Speaker Boehner: Senate Democrats Should Act Immediately On The JOBS Act, Take Up The 30+ House-passed Bipartisan Jobs Bill. Meanwhile, gas prices have nearly doubled as the Obama administration has rejected new energy production, blocked and lobbied against projects like the Keystone XL pipeline, and promoted policies that would drive prices up even further. Republicans have a plan for jobs that reduces spending, reforms the tax code, stops excessive regulations on small businesses like ObamaCare that are making it harder to hire new workers, and expands American energy production. And just yesterday, the House passed the bipartisan JOBS Act. Senate Democrats should take immediate action on the JOBS Act, and the rest of our jobs plan, so we can stop government policies that are adding to our debt, raising gas prices, and preventing robust private-sector job growth.”
• Whip McCarthy: The JOBS Act Showed That Bipartisan Agreement Is Possible – We Hope The President Will Join House Republicans In Addressing Soaring Energy Costs. House Republicans showed our ability and readiness to work with the President on the JOBS Act, and it is with this same sentiment we are ready to work the President on increasing energy production and supply to address energy prices. I am extremely concerned about rising energy costs, and the effects they will have on struggling American families and small businesses. So far, the President has given four speeches where he discussed rising gas prices, yet has offered no tangible solutions to bring relief at the pump.
The Road Ahead: President Obama Continues To Work Against American Jobs, Energy Security
Leader Cantor: Gas Prices Are Acting Like A Tax On Americans Every Time They Go To The Pump. Gas prices are too high, its acting as a tax on Americans every time they go to the pump. When people struggle in a tough economy, worrying about making it through the end of the month it matters. This Administration has proven again and again that it's just hostile to fossil fuels and any reasonable individual is going to say that our economy's going to be fossil fuel based for the foreseeable future. We can do so and effect that in a positive, responsible manner, but this Administration has made it known that it doesn't see a future in fossil fuels, and that's what is at issue here. If the President were interested in trying to quell the concerns, he could join us in making sure we take advantage of all the indigenous resources we have here because frankly in America we can go about extracting those resources in the most responsible way of anyone in the world. Fox Business
President Obama’s Phone Calls Pays Off – Majority Of Senate Dems Vote Against American Jobs, Energy Security As Fissures Deepen Within The Democrat Caucus. Thursday’s squeaker of a Senate vote on the Keystone XL pipeline serves both as a warning to President Barack Obama that a majority of both houses of Congress supports the pipeline and as encouragement to Republicans to keep pushing the issue. Obama had personally lobbied Senate Democrats with phone calls urging them to oppose an amendment to the highway bill that would fast-track the Canada-to-Texas oil pipeline. And as it turned out, he needed every bit of their help. In all, 11 Democrats joined 45 Republicans to support the pipeline. Only the fact that 60 votes were needed for passage saved the White House from an embarrassing defeat. Politico
• REMINDER: CRS – President Obama’s push to raise taxes would “make oil and natural gas more expensive for U.S. consumers and likely increase foreign dependence.”
President Obama's "Picking Winners and Losers" Energy Policy Will Damage The Economy and Destroy Jobs. Obama’s tax proposals to favor solar and wind energy over traditional energy sources like oil and natural gas might make sense for him politically, but can’t be justified with either economic or scientific principles. Obama’s policies are destined to damage the economy because they will penalize the efficient, job-creating oil and natural gas industry, which requires no direct taxpayer subsidies beyond what any American manufacturer is entitled to, and because they will raise energy costs for American consumers and manufacturers. Meanwhile, subsidizing the inefficient green-energy industry with generous amounts of taxpayer money would destroy jobs on net and raise energy costs. The American
ObamaCare: Bipartisan Support For IPAB Repeal Continues To Build In The House
A Growing Number Of House Democrats Are Joining House Republicans To Repeal IPAB. The vehicle is a bill from Tennessee Republican Phil Roe that would repeal the Independent Payment Advisory Board, or IPAB, the new ObamaCare bureaucracy with vast powers to control health care and health markets starting next year. A straight majority of the House has joined Mr. Roe as co-sponsors—some 234 Members, including 20 Democrats. The bill cleared the Energy and Commerce Committee this week with a vote from its ranking health Democrat and the Ways and Means Committee Thursday, on a voice vote with no recorded objections. … IPAB's true end game, is harsher and more arbitrary price controls and eventually limits on the care patients are allowed to receive. The New England Journalists (of Medicine) deny this reality because ObamaCare has a clause that prohibits "rationing," even as the law leaves that term undefined. But reducing treatment options will be inevitable as government costs explode. The IPAB revolt among House Democrats comes as the White House demands even more powers for IPAB in its budget, including an automatic sequester. Whatever is motivating House Democrats, they deserve some credit for making Mr. Obama's vision somewhat less likely. The Wall Street Journal
DC Gets $885 Million In Stimulus $, Cannot Say How Many Jobs Were Created. Despite receiving more than $885 million in federal economic stimulus funds since 2009, the D.C. government — whose residents face one of the highest unemployment rates in the nation — cannot say how many jobs it actually created for those who live in the District. … a review by The Washington Times of figures provided by D.C. officials shows that the city spent hundreds of millions of dollars without being able to demonstrate any significant improvement in the city’s jobs outlook. If anything, the employment picture has worsened in the District. … According to the D.C. Office of the Chief Financial Officer, the best estimate of federal stimulus funds received by the D.C. government from fiscal 2009 through fiscal 2011 is $885.6 million. The Washington Times
Speaking Of President Obama’s Failed Stimulus …