High gas prices, decreased access to capital, ObamaCare and the threat of new taxes have created a perfect storm of uncertainty and stifled small business growth. Small businesses are the economic engine of this country, creating more than 65% of new jobs and we need to work together to help them start growing again. A new survey shows a staggering 80% of small businesses have not hired in the past three months, and 45% of small business owners don’t plan to hire at all. It’s time for President Obama and Senate Democrats to stop calling for higher taxes and join House Republicans on pro-growth policies, like the Small Business Tax Cut Act, that will boost small business job creation and get the economy back on track.
Happening Today: At 1:00 p.m. EST, Representatives Sandy Adams (R-FL) and Kristi Noem (R-SD) will join House Republicans to announce their proposal to reauthorize the Violence Against Women Act (VAWA) during a press conference in the Capitol Visitor Center HVC-Studio A, located in HVC 114.
Today In History: In 1859, at Port Said, Egypt, ground was broken for the Suez Canal, an artificial waterway intended to stretch 101 miles across the isthmus of Suez and connect the Mediterranean and the Red seas.
Birthdays: Meadowlark Lemon, Ella Fitzgerald, Al Pacino, Renee Zellweger, Hank Azaria, and Edward R. Murrow
Editor’s Note: Today, Sarah Pompei is leaving Kevin McCarthy’s Shop to head over to the Romney Campaign. Team Cantor wishes Sarah the best as she works to put a Republican at the other end of Pennsylvania Ave.
Here is what’s in today’s Ledger …
State Of Play: Survey Says … Small Business Job Creators Need Help and House Republicans Have Solutions
Why The Small Business Tax Cut Is Needed – Survey Shows America’s Engine For Job Creation Has Stalled. According to Manta's Q1 2012 Small Business Wellness Index, 80 percent of small business owners did not hire any employees in the first quarter of 2012. Earlier this month, an American Express OPEN survey revealed that only 35 percent of employers had plans to hire full or part-time workers in the next six months, with most businesses more concerned about retaining current business than growth. That sentiment hasn't changed, as the Manta index reported a 30 percent drop in new business activity in early 2012. The Huffington Post
• 82% Of Small Businesses Say If Gas Prices Continue To Rise It’s Going To Have A Negative Impact On Their Business – 43% Say Gas Prices Have Already Decreased Profits. High gas prices are the enemy of many a small business owner with 82% responding that prices will impact business if they continued to rise, with 43% of owners citing “decreased profit for my business” as the top consequence of already having affected the company. Fox Business
Rep. Kristi Noem: The Small Business Tax Cut Act Will Provide Job Creators With A 20% Tax Cut Allowing Them To Grow, Expand, and Hire More Employees. … the Small Business Tax Cut Act, which would allow small businesses (those with fewer than 500 employees) to deduct 20 percent from their active business income. To use an easy example, if a business made $100 dollars, they would only have to pay taxes on $80. This would benefit millions of small businesses nationwide and over 20,000 in South Dakota by freeing up cash that could be used to expand, hire more employees or purchase new equipment. I was disappointed that some of my colleagues across the aisle tried to mislead folks about what this job-creating legislation really was by calling it a give away to the rich and famous. I doubt the over 20,000 small business owners in South Dakota consider themselves "rich and famous," and they would absolutely benefit from this legislation. Furthermore, there is general agreement that small business tax cuts are good for the economy. The President himself has recognized this, saying that government “can create the conditions for small businesses to hire more people, through steps like tax breaks.” Small businesses create the most jobs in this country. In South Dakota, nearly a quarter of our population relies on a small business for employment. Giving small businesses more incentive to invest, expand and hire can only help our economy. The Daily Republic
• Get The Details On The House-Passed 20% Small Business Tax Cut HERE
Durable Goods Orders Suffer Largest Drop Of Obama Presidency, Indicating Manufacturing Will Contribute Less To Growth. Orders for U.S. durable goods fell in March by the most in three years, indicating manufacturing will contribute less to growth this year. Bookings for goods meant to last at least three years dropped 4.2 percent, the biggest decrease since January 2009, after a revised 1.9 percent gain the prior month, data from the Commerce Department showed today in Washington. Economists forecast a 1.7 percent decline, according to the median estimate in a Bloomberg News survey. Bloomberg
View From Virginia: President Obama’s Economic Policies Have Failed To Get The Economy Back On Track. But doesn’t it seem like we’ve been trying to find signs of life for four years? No matter what positive signs appear, the economy never truly seems to come out of the recession we’ve been embroiled in. Government stimulus wasn’t the answer. … The land of opportunity seems bleak, not as prosperous as it did even 15 years ago. We realize it's not just in the United State that hard times have befallen the citizens, but across the globe. But we've been hearing for too long that improvement is coming, yet it never seems to fully settle in. We hope that legislation such as Rep. Eric Cantor's small business tax cuts will help encourage some economic growth … The Culpeper Star-Exponent
• View The List Of Over Two Dozen House-Passed Bipartisan Jobs Bills Being Blocked By Senate Democrats HERE
State Of Play (2): House Moves To Help Secure American Businesses and Individuals
Speaker Boehner: New Bill Helps Businesses, Individuals Fight Cyberattacks. Every day, thousands of American families and job creators are targeted by Internet hackers and countries like China who are out to steal, destroy or disrupt one of our economy's most vital assets: information. These online attacks are frequent, often successful, and jeopardize both our personal privacy, and our country's long-term economic growth and job creation. … H.R. 3523 would allow private companies to put government intelligence about online threats to use as well, and to work together to protect their networks. The bill also safeguards our personal information. All of the intelligence shared under H.R. 3523 is voluntary. … H.R. 3523 is one of several measures the House is considering this week to combat the threat of cybersecurity attacks, and prevent our enemies from using the Internet to disrupt our economy and attack the American people. From high gas prices to tax hikes to an unemployment rate that's been above 8% for more than three years, the American people have enough to worry about under the Obama administration. Making it easier for private-sector job creators to defend against online attacks by hackers and foreign governments is a common-sense solution that will protect American jobs and create a better environment for long-term economic growth. Investor’s Business Daily
The Road Ahead
House Republicans To Announce VAWA Reauthorization Today. Majority Leader Eric Cantor (R-Va.) has been quietly meeting with women in the House Republican Conference to craft their own version of the Violence Against Women Act. The Senate is slated to vote on its version shortly, but the House is itching to put its imprimatur on the legislation: They’ll release their bill in the next week, according to several GOP leadership sources. The move shows that House Republican leadership is trying to blunt Democratic attempts to exploit gender issues in the 2012 election – something that’s gripped the Republican political narrative over the past few months. President Barack Obama has a wide lead among women voters even as House Republicans have tried to consistently make the case that their party is better on issues that have an impact on women. The reauthorization of the Violence Against Women Act – known as VAWA – is the hot legislative issue in this realm on Capitol Hill. The 18-year-old law is aimed at protecting women against violent crimes and domestic abuse. “There has always been bipartisan support for the Violence Against Women Act,” said Michael Steel, spokesman for Speaker John Boehner (R-Ohio). Steel said that Senate Democratic leaders are “trying to exploit this issue for partisan gain” by pushing legislation without Republican backing. Politico
The JOBS Act Makes It Easier For Smaller Companies To Attract Investors and Will Certainly Help Create Jobs. Small investors and small companies can seek each other out. It will be easier to find and attract investors, be they large, small or in between. And small public companies won't have the same legal requirements of the giants: The Microsofts and Intels of the world. It will allow hundreds or thousands of individual investors to make small investments, even online, in promising new companies. … So instead of one-size-fits-all regulations designed for the corporate giants, we'll have a tiered system of regulations that get more comprehensive as company size increases -- call it right-sizing the rules. … Now is the time to get your ducks in a row, your financials in order, and be prepared to take advantage of this legislation. It's called the JOBS Act, and it will certainly help fulfill the goal of creating jobs in rural America. The Huffington Post
Will Baucus Join Republicans On Keystone? Republicans will likely have an ally on Keystone in a Democratic conferee, Senate Finance Chairman Max Baucus (Mont.). … Fighting over Keystone has become part of the game during the past few months. Republicans have brought construction of the pipeline into several legislative fights. They have used it to criticize the administration, which has an expedited request to consider the pipeline once this year, by linking it to job creation. Roll Call