The Leader's Ledger

Posted by Jessica Straus on

Good Morning,

President Obama’s failed economic policies have frozen the economy and heaped an additional $11.1 billion in red tape on small businesses. As one U.S. Chamber of Commerce official said, the President’s harmful regulatory agenda “just leaves us uncertain.” That is why House Republicans are doing everything we can to implement solutions that will remove the regulatory and tax barriers coming from Washington that are dragging down families and small businesses. Today, Leader Cantor is meeting with small business owners in Virginia about what they need to grow and create jobs. On Thursday, Leader Cantor will join Congressman Tim Scott’s conference “Revitalizing America” to discuss Republican pro-growth policies that will create an environment where our nation’s entrepreneurs and small business owners can succeed and hire again.



Today In History: On May 29, 1953, Sir Edmund Hillary of New Zealand and Tenzing Norgay of Nepal, became the first explorers to reach the summit of Mount Everest, which at 29,035 feet above sea level is the highest point on earth.

Birthdays: Congressman Jeb Hensarling, Senator Jerry Moran, Noel Gallagher, Maureen Dowd

Here are the Top 5 things you need to know today…

1. State Of Play: President Obama’s Record Of Failed Polices Have Taken Away Many Of the Freedoms That Have Made America Great. Before being elected in 2008, Barack Obama said: "We are five days away from fundamentally transforming the United States of America." That belief has turned out to be wholly accurate. America has been greatly transformed by all areas of this administration's policy goals and actions…Annual spending increased from $3 trillion in 2008 to $3.5 trillion in 2010, and the Obama plan is to grow it to $5.5 trillion a year less than a decade from now…The president's recent budgets have been so far from the mainstream that Congress, including Democrats, has had little interest in supporting them…. All of this will lead to even more burdens on individuals, families and businesses, not to mention future generations. From ObamaCare, excessive spending, increased debt and lack of effort on reforming entitlement programs, to flawed policies on taxes and energy, this administration's efforts have hurt our economy, stifled job creation, and taken away many of the freedoms and characteristics that have made America great. Wall Street Journal

2. Red Tape: The Obama Administration’s $11.1 Billion Regulatory Agenda Is “Expensive” And Its “Benefits Are Overstated.” Barack Obama boasts that he’s issued fewer rules than George W. Bush, and his officials say regulatory rollbacks are expected to save more than $10 billion… If the president is betting on that record working to his advantage with business groups in an election year, the odds are against him, say industry lobbyists and analysts. Obama deserves credit for issuing fewer rules and setting up a process to weed out unnecessary burdens, said Susan Dudley, the former top regulator in the Bush administration. Yet those advances pale in comparison to the regulations that come with the new health-care law and recently issued guidelines on mercury emissions from coal plants and pollution from boilers in paper mills and refineries, she added. Those two measures are estimated to cost a total of $11.1 billion annually, according to the Environmental Protection Agency. “There are a number of expensive rules that have been issued and a lot of the benefits are overstated,” said Dudley, the former administrator of the Office of Information and Regulatory Affairs under Bush who’s now a research professor of public policy and administration at George Washington University in Washington. “Obama has issued a lot more big rules.” Bloomberg

3. Small Biz: Small Business Owners Need Pro-Growth Policies To Encourage Innovation, Job Creation. Last week was National Small Business Week, an effort by the Small Business Administration to recognize and honor U.S. small businesses. It’s a worthy goal that I support wholeheartedly. But the reality is that small-business owners need more than a week of national attention; they need legislative action - for example, a pro-growth public policy that enables current job creators to stay afloat and encourages would-be entrepreneurs to launch their enterprise. A comprehensible tax code, a commonsense regulatory regime and certainty about the impact of sweeping federal laws like the Affordable Care Act or Dodd-Frank would all be welcome changes from the current path of Washington…While it is heartening to hear rhetoric from our elected leaders that job creation is job No. 1, and to see legislation designed to encourage innovation and startups, the bottom line is that small business owners need more than talk or a commemorative week. The solution to the jobs problem is small business. Job creators need, and deserve, real action.Washington Times

4. Confidence Drop: Months Of Slow Job Growth Leads To The Biggest Loss of Confidence Seen In 8 Months. Americans' confidence in the economy in May had its biggest drop in eight months as consumers fretted about slow hiring, a big stock market drop and the global economy, says a private research group. The Conference Board says its Consumer Confidence Index now stands at 64.9, down from a revised 68.7 in April. It was the biggest drop since October 2011. Economists were expecting a reading of 70, according to a FactSet poll of analysts. The current level is below February's 71.6, which is the highest level it's been in a year. Associated Press

5. Health Care: House Republicans Will Vote To Repeal Harmful ObamaCare Law. Majority Leader Eric Cantor (R-Va.) said in a planning memo that the House will vote on two partial repeal bills as early as June 4. One would repeal the health law's tax on medical devices, and the other would relax the law's restrictions on the use of tax-preferred health savings accounts (HSAs). The medical-device industry has long opposed the new excise tax imposed under the Affordable Care Act, and Republicans have recently trained their focus on the HSAs policy. The law bans the use of HSAs to pay for nonprescription drugs unless a doctor writes a prescription anyway. Cantor also said the House is likely to vote Wednesday on a bipartisan Food and Drug Administration bill. The Senate has passed its version, and leaders want to get a final bill to Obama's desk by July 4. The Hill

Off The Beaten Path:

A List Of What Ifs For Mark Zuckerberg And His Famous Hoodie

Queen “Delighted” With Kate Middleton’s Budget Friendly Wardrobe

Re-watch Kristen Wiig’s Final Bow On SNL


GOP Health Care Reforms