This morning, Leader Cantor took to the airwaves on CNBC’s Squawk Box to discuss Republicans’ vision to boost the economy and create jobs. The President’s policies and his disregard for free-market success are making it harder for small businesses to hire and putting a roadblock on long-term economic recovery. As Leader Cantor said this morning, “We don't have enough people with the confidence to put their capital at risk. We don't have people willing to take a loan from a bank and undertake that risk, because they hear the hostility coming from the White House and the policies there.” The President needs to reevaluate his low-growth policies and work with us on pro-growth policies that create jobs and encourage the entrepreneurial spirit that has made America so great.
Today In History: In 1934, notorious criminals Bonnie Parker and Clyde Barrow were shot to death by Texas and Louisiana state police while driving a stolen car near Sailes, Louisiana.
Birthdays: Sheff Richey, Drew Carey, Jewel, Maxwell, Tristan Prettyman, and Artie Shaw
Here are the Top 7 things you need to know today…
1. State Of Play: CBO Predicts Recession In 2013, Leader Cantor Calls For Certainty By Ensuring Taxes Don’t Go Up On Anybody. The nonpartisan Congressional Budget Office (CBO) said Tuesday that unless lawmakers act to prevent scheduled tax increases and spending cuts at the end of the year, a recession will likely result in early 2013. Early next year income taxes are set to go up when the Bush-era tax rates expire…CBO projects that these and other elements of the so-called “fiscal cliff” will cause the economy to contract as demand dries up…House Majority Leader Eric Cantor (R-Va.) speaking on Fox News Tuesday said Congress should give certainty to the economy by canceling the scheduled tax increases now, but if it does not the public will have a clear choice in November. “We are going to try every way we can to make sure taxes don’t go up on anybody,” Cantor said. “And so that is why we are saying this election, really, is much about the fact that if people do not want their taxes going up, they have got to vote to make sure that they don’t. And that is a vote for Mitt Romney.” The Hill
2. Pro-Growth: Leader Cantor: House Budget Puts Forward Pro-Growth Tax Reform. “We in the House of Representatives have put forward a budget that actually lays out the kind of tax reform we want. We want to bring rates down and we want to make sure that they are lowered for everyone. And we broaden the base and get rid of loopholes. And we start allowing people, when they go and make their money, to know what to expect they can keep. The problem right now is it is too complicated. We want to have a growing economy. We are for pro-growth tax reform.” FOX News
3. Small Biz: President Obama’s Economic Policies Are Hostile Toward Small Business. As the president reminded reporters at a press conference on Monday, as president, “your job is not simply to maximize profits. Your job is to make sure everyone has a fair shot." Well, maybe the president should tell the small businesses of America what “a fair shot” really means: The policies advanced in an effort to rein in “big” business almost always end up hurting smaller outlets, which are far less nimble. Large corporations have staff lawyers and human resource departments to make sense of complex tax laws, regulations and mandates. They have the muscle it takes to adapt when new costs hit and can endure longer wait times when regulations prevent a company from getting a product to market or make it more difficult to secure financing…In fact, that’s why big companies sometimes stand on the sidelines during debates about streamlining government: Already on top, they don’t mind more government red tape that strangles upstart competitors…The Obama administration’s view of Bain Capital and free markets is class warfare at its worst. And it should be a cue to all Americans interested in building a business that this is not an administration that fundamentally supports you. The Hill
4. Reg Row: Small Business Owners Struggle Under Burdensome Red Tape. This week is National Small Business Week, a time to celebrate the ingenuity of entrepreneurs—and to consider how government can provide better service to the small enterprises that form the backbone of American industry. Consider the Environmental Protection Agency official who described his agency's work as akin to crucifixion. In a Web video from 2010 that recently came to light, Al Armendariz likened regulatory enforcement to the Roman imperial practice of crucifying people to serve as an example to others: soldiers would go to "a town somewhere, they'd find the first five guys they saw, and they'd crucify them," he explained. "And then, you know, that town was really easy to manage for the next few years." Mr. Armendariz's point was that making examples of certain businesses or industries would serve as a deterrent to ensure compliance…I know first-hand that Mr. Armendariz's view is a truthful representation of how many regulators view their function. While serving as the Small Business Administration's (SBA) national ombudsman from 2006 to 2009, I worked with small business owners who believed they were falling victim to unfair or excessive regulatory enforcement. All too often, I saw federal regulators take a stridently adversarial stance toward the industries they oversee…As of 2008, small businesses faced an annual regulatory cost of $10,585 per employee, according to an SBA regulatory impact study published two years ago. Wall Street Journal
5. Energy Focus: President Obama’s War On Coal Increases Energy Cost For Consumers. Obama’s War on Coal has already taken a remarkable toll on coal-fired power plants in America. Last week the U.S. Energy Information Administration reported a shocking drop in power sector coal consumption in the first quarter of 2012. Coal-fired power plants are now generating just 36 percent of U.S. electricity, versus 44.6 percent just one year ago. It’s the result of an unprecedented regulatory assault on coal that will leave us all much poorer…House Energy and Power Subcommittee Chairman Ed Whitfield (R-Ky.) aptly explained: “The PJM auction forecasts a dim future where Americans will be paying more to keep the lights on. We are seeing more and more coal plants fall victim to EPA’s destructive regulatory agenda, and as a result, we are seeing more job losses and higher electricity prices.” The only thing that can stop this massive price hike now is an all-out effort to end Obama’s War on Coal and repeal this destructive regulatory agenda. FOX News
6. Keeping Tabs: Obama Administration Pays Private Firm $20 Million To "Promote" Flawed ObamaCare Law. The Obama administration just inked a $20 million deal with PR firm Porter Novelli to help promote ObamaCare. Why do they need to promote a law that was supposed to get more popular once it passed According to news accounts, the multimedia campaign is mandated by ObamaCare as a way to educate the public about how to stay healthy and prevent illnesses…A Health and Human Services official let slip the real reason, telling Roll Call that the PR effort is meant "to inform the American people about the many preventive benefits now available…as a result of the Affordable Care Act."…Too bad none of it is working. More than two-thirds of the public — including half of Democrats surveyed — want the Supreme Court to kill at least the individual mandate, according to a recent IBD/TIPP poll. The public knows that ObamaCare is a disaster. It's pushing up insurance rates. It will force people to buy coverage they don't want, and push companies to dump tens of millions of workers into the government insurance exchanges. And it will accelerate the country's drive toward fiscal Armageddon. No amount of high-priced PR spin can hide any of that. Investor’s Business Daily
7. The Road Ahead: If The President Has His Way, Tax Hikes Will Hit Working Families, Small Businesses. During the fifty-five days between Election Day and New Year's Day, a $625 billion tax increase already being referred to as 'Taxmageddon' awaits. President Obama wants you to think that only billionaires have something to worry about. Guess again. In just one day, a $500 billion tax wave will slam households with an average $3,800 increase. The child tax credit will be cut in half, from $1,000 per child to $500, the marriage penalty will return, and the "death tax" will increase. Millions of middle income taxpayers will be hit for the first time by the Alternative Minimum Tax, capital gains will increase to 20 percent, and dividends will be taxed at ordinary income tax rates. Further, the $124 billion cut to the payroll tax on the middle class will end, putting a cherry on top of this tax cake. Contrary to the president’s claims, some estimates show that about 70 percent of the forthcoming tax hikes will hit middle and low-income families, not to mention small business men and women. The Hill
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