President Obama will spend the day telling Congress what to do - today focusing on small business. The House has long been focused on helping small businesses grow and create jobs. We’ve passed measures that lower taxes on small business job creators and we’ve rolled back the Obama Administration’s harmful regulations that would cripple small business growth. As Leader Cantor said this morning, “We welcome the President's about face and his pledge to help our nation's small businesses. However, his proposals again take a Washington-knows-best approach. Rather than mandating what businesses can and can’t do in order to receive a tax cut as the President suggests, House Republicans have passed a common sense 20% small business tax cut that would allow all small businesses to keep more of their hard earned dollars to invest and hire. Let’s roll up our sleeves and work together to give small businessmen and women the opportunities they need to grow their businesses and create new jobs.”
Today In History: In 1929, the Academy of Motion Picture Arts and Sciences handed out its first awards, at a dinner party for around 250 people held in the Blossom Room of the Roosevelt Hotel in Hollywood, California.
Birthdays: Tucker Carlson, Mike Long, Megan Fox, Janet Jackson, Pierce Brosnan, Tori Spelling, and Liberace
Here are the Top 7 things you need to know today…
1. Happening Today: House To Vote On Violence Against Women Act, Rep. Adams Shares Personal Story About Why It’s So Important. “At an early age I quit high school at 17 and joined the Air Force, married by 18. During the marriage I had a little girl. And I realized really soon that my husband had a penchant for drinking and when he drank he turned very mean, very violent. So we set out on our own, just her and I, me with no high school diploma – no job, just our clothes – and we went out. I worked hard, and we made it…We are here trying to reauthorize a bill that would help all victims of domestic violence, and especially women. I’ve said all along: I want to reauthorize it, I do not want to politicize it. The victims deserve better than that. Americans deserve better than that.” CNN’s The Situation Room
2. Women Focus: American Women & Families Focused On Jobs, The Economy, Health Care Decisions. House Women account for 85 percent of all consumer purchases; they make 85 percent of all health care decisions; they start two out of three new businesses, and for the first time in history, they’re a majority of the U.S. workforce... When Republicans talk about freedom, entrepreneurship, patient-centered health care and fiscal responsibility, most women respond positively. And when Republicans propose policies grounded in those principles — reducing taxes on small businesses, shrinking the deficit through the Ryan plan, and repealing “ObamaCare” — women see that it’s the Republican Party that’s advancing their values, not the Democrats. The Republican Party is the real party of American women. And women have played a huge role in our party’s success. We have a dynamic group of 24 women in the House, including a record nine freshmen. Four of the six women governors today are Republicans. We’re also the only party in the past 25 years to nominate a woman for vice president. American women have a right to be self-confident, and we have a right to be suspicious of politicians who say we should be dependent on government programs. We, the House Republican women, will continue to advocate for the positive solutions that women want — and America needs. Politico Op-Ed
3. Dem Divide: Senate Democrats Have Refused To Produce A Budget For The Past Three Years, Even Moderates Frustrated With Inaction. The Democratic-led Senate on Wednesday is expected to reject all four GOP budget plans, including the contentious House-passed proposal authored by Rep. Paul Ryan (R-Wisc.). A fifth budget, offered by Republicans and based on President Barack Obama 2013 spending blueprint, also will likely fall short of the 50 votes needed to pass, dealing the White House an embarrassing election-year blow. But Democratic leaders have defiantly refused to lay out their own vision for how to deal with federal debt and spending, arguing that last summer’s debt-ceiling deal essentially serves as an actual budget. While a budget resolution is non-binding, they say, the Budget Control Act was signed into law. But a few centrists in the 53-member Democratic conference expressed frustration with their party’s budget inaction. “Anything we can do to force the Senate to deal with the debt is important to do, and the sooner the better,” Sen. Joe Lieberman (I-Conn.), who caucuses with Democrats, told POLITICO. “I don’t think [Democrats] will offer their own budget and I’m disappointed in that.” Politico
4. Pro-Growth: JOBS Act Is “Welcome Tonic” For Companies Driving Growth, Innovation, Job Creation. This important new law contains all the elements needed to breathe new life into an IPO market that had been eviscerated over the past decade. It is an especially welcome tonic for the emerging growth companies that drive U.S. innovation, job creation and economic activity…A research study published by Grant Thornton shows that between 1991 and 2000, the average annual number of U.S. IPOs was 530. Between 2001 and 2010, which includes eight years of Sarbanes-Oxley, that number dropped to 126. For emerging growth companies trying to take the next step in their evolution, the effects were even more devastating. In 1991, more than 80 percent of U.S. IPOs raised gross proceeds of less than $50 million. Today, it is completely inverted, with under 20 percent of all IPOs raising less than $50 million. The JOBS Act seeks to right that wrong by easing much of the regulatory burden for companies with less than $1 billion in revenue that want to tap the capital markets via an IPO. In other words, the vast majority of companies wishing to go public: In 2011, only 15 out of 117 companies (13 percent) that completed an IPO topped the $1 billion of revenue threshold. Beyond lowering the hurdles to an IPO for emerging growth companies, the JOBS Act offers the added benefit of sharply reducing their cost of capital because investors are willing to pay a premium for the liquidity associated with a publicly traded stock. A public company with similar financial attributes to a private company is typically valued two times higher. CNBC
5. Keeping Tabs: Virginia’s Pro-Growth Policies Boost Revenues Without Raising Taxes. On a year-to-date basis, total revenue collections rose 5.9 percent through April, ahead of the annual forecast of 4.6 percent growth, according to Secretary of Finance Richard "Ric" Brown. In addition to individual nonwitholding, individual income tax withholding rose 2.4 percent in April, collections of income tax non-withholding rose 17.5 percent, sales and use tax collections rose 1.4 percent, and collections of corporate income taxes rose 1 percent. Gov. Bob McDonnell's office said a 4.9 percent decline in income tax refunds issued as compared to last April also contributed to growth. McDonnell said in a statement that "it remains too soon to celebrate and lose focus on our fragile economy. We must redouble our efforts to ensure our government is running at peak efficiency, and we must continue to aggressively pursue new business investments and job-creation strategies in Virginia to fan the flames of this recovery and put back to work the 250,000 Virginians still in need of good-paying jobs," he said. Richmond Times-Dispatch
6. Energy Focus: Obama Administration Continues To Block Offshore Energy Development In Virginia & Gulf States, Costing Jobs. By 2010, Virginia was poised to become the first East Coast state to receive permits, which would enable these welcome developments. Unfortunately, that was then… and this is now. Last November, despite strong state bi-partisan and public support, the Obama administration unexpectedly dropped Virginia from the government’s most recent leasing plan altogether, declaring a seven-year delay with little explanation…Virginia isn’t the only Gulf state to be feeling the drilling denial doldrums. The Outer Continental Shelf Governors Coalition of seven coastal states, including Texas and Alaska, sent a letter to the president in April emphasizing the importance of increasing the speed and predictability of permitting and expanding access to new reserves…actions that he could initiate immediately. The Energy Information Administration (EIA) projects that Alaskan offshore development permitting delays will cause production to decrease by more than 200,000 barrels per day this year compared with before President Obama took office. According to the energy research firm HIS-CERA, this will cost between 110,000 and 230,000 lost job opportunities across multiple sectors. Forbes
7. The Road Ahead: Whip McCarthy Announces "American Jobs & Energy Tour” To Highlight Domestic Energy Production. House Majority Whip Kevin McCarthy will roll out the GOP’s summer offensive on energy and gas prices today, aiming to link the season’s traditional cost spikes at the pump to the broader debate over jobs and the economy. During the past several months, the California Republican has been quietly putting together House Republicans’ latest push on energy issues, which will be formally kicked off next week during their American Energy and Jobs Tour. McCarthy is expected to discuss the tour and the GOP’s legislative strategy during today’s weekly Conference meeting, where he will urge Members to attend one of nine regional tours being hosted by members of the House Energy Action Team during the upcoming recess…“The American Energy and Jobs Tour is designed to highlight the importance of increasing domestic energy production. House Republicans will participate in events all over the country to get feedback from small businesses and families about the negative impact of President Obama’s failed energy policies, and discuss how increased production can create jobs, lower energy prices and increase our economic and national security,” McCarthy told Roll Call on Tuesday. Roll Call
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