After a morning of waiting for the Supreme Court to issue its decision on ObamaCare… it didn’t. Which means we can all collectively shift our attention back to the business of House Republicans– job creation and economic growth. Today, we will vote on the Domestic Energy and Jobs Act to open up more of our nation’s resources for development. As Leader Cantor said yesterday, “This President's policies have stifled the development of many of our nation's energy resources…Increasing energy production on our nation's public lands and waters can create millions of jobs, boost the economy, lower energy costs and make America more secure."
Today In History: In 1788, the U.S. Constitution was ratified. Passed by Congress in September 1787, five states ratified the replacement to the Articles of Confederation on December 7th. New Hampshire became the ninth and last necessary state to ratify the document, making it the law of the land.
Birthdays: Rep. Dan Burton, Rep. Dana Rohrabacher, Jessica Straus, Mike Allen, Daniel Tompkins, Margaret Heckler, Jean-Paul Sartre, Benazir Bhutto, Prince William, Duke of Cambridge, Rebecca Black, and Joey Kramer
Here Are The Top Stories We’re Watching:
1. State Of Play: Leader Cantor Calls For Increased Domestic Energy Production To Help Create American Jobs. House Majority Leader Eric Cantor (R-Va.) said Wednesday that a Republican energy bill expected to pass Thursday would create U.S. jobs by giving energy companies more access to resources that the Obama administration has tried to protect. "The oil and gas industry is the lifeblood of so many communities across our nation," Cantor said on the floor. "But this President's policies have stifled the development of many of our nation's energy resources. "Increasing energy production on our nation's public lands and waters can create millions of jobs, boost the economy, lower energy costs and make America more secure." The Hill
2. Energy Focus: House To Vote On Whip McCarthy & Rep. Gardner’s Domestic Energy And Jobs Act Today. The House is due to vote Thursday on the Domestic Energy and Jobs Act – a bipartisan bill that can remove the uncertainty for investments in U.S. energy jobs. It would open up federal lands for efficient and safe production of energy resources. By passing this we can move our nation another step forward in getting Americans back to work while moving us closer to energy independence. “This golden dream,” the historian H.S. Brands said, describing the national significance of the California gold rush,”… became a prominent part of the American psyche.” Today, the American psyche is hungry for a resurgence of optimism. Now, fortunately, our country has the opportunity to develop domestic energy resources to power our economic recovery. This new act makes it clear that House Republicans are taking the steps necessary to help free up these resources and secure our nation’s prosperity. Politico
3. The Economy: Jobless Claims Show U.S. Labor Market Struggling To Regain Momentum. The number of Americans filing new claims for unemployment benefits was little changed last week, according to government data on Thursday that suggested the labor market was struggling to regain momentum. Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 387,000, the Labor Department said. The prior week's figure was revised up to 389,000 from the previously reported 386,000. Economists polled by Reuters had forecast claims falling to 380,000 last week. The four-week moving average for new claims, considered a better measure of labor market trends, increased 3,500 to 386,250 - the highest level since early December. The claims data covered the survey week for June's nonfarm payrolls and the report pointed to little or no improvement on the paltry 69,000 jobs added in May. Claims rose 15,000 between the May and June survey periods. "This confirms the weak labor market we have. I suspect we would see a modest rebound in payrolls in June but it would still be below 150,000. It's going to be another month of sub-par jobs data," said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina…Fed Chairman Ben Bernanke said the U.S. central bank had considerable scope to take further action and that a lack of sustained progress in the labor market would require it…Data on Tuesday showed job openings dropped to a five-month low in April, spread across all sectors of the economy. There are no jobs for more than two out of every three unemployed Americans. Reuters
4. Small Biz: Burdensome Regulations Hurt Mom and Pop Shops, Could Put Them Out Of Business. Proposed Food and Drug Administration regulations targeting cigar products could devastate not only the premium cigar industry, but the countries that grow, blend, roll and export the much sought-after products aficionados say. For instance, you wouldn’t be able to go into a tobacco shop and stroll through the humidor, handling and sniffing cigars from around the world. “They would come in and potentially look in a catalog and go, hey I want that one,” said George “Shorty” Koebel, owner of Havana Connections in Short Pump. The regulations could also eliminate single cigar sales, a staple of the business across the country..“It puts a lot of people out of business,” said cigar lover Bob Markie at Havana Connections…Jim Kosch, manager of Old Virginia Tobacco in Carytown, said “a lot of people don’t realize the premium cigar business is primarily a mom and pop business.” CBS 6
5. Keeping Tabs: House Passes Bipartisan FDA User Fee Reauthorization. The House on Wednesday passed a bill to let the Food and Drug Administration collect about $6 billion in user fees from medical companies to help fund the agency. The bill, passed in a bipartisan majority voice vote, is expected to reach a final vote in the Senate next week. The $6 billion in fees would be paid over five years by the brand-name and generic drug industries and the medical-device industry. The legislation's approval of fees from generic companies and from companies that make generic-like "biosimilar" knockoffs of complex and expensive medicines also would be new if the law, as expected, wins approval in the Senate. The bill passed by the House will give the FDA new powers to compel inspections of overseas drug facilities in foreign countries, such as China and India, where the bulk of raw materials for drugs are produced. It would give the agency power to block products' entry into the U.S. if the FDA were refused admission to conduct full inspections, and gives the FDA broad discretion to conduct more inspections overseas. The legislation also calls for quicker agency approval of drugs deemed breakthrough medications that could be lifesaving or for serious illnesses. It also includes certain targeted incentives for the production of new antibiotics. Wall Street Journal
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