Leader Cantor Discusses The Debt Limit & The Economy With FOX's Neil Cavuto
August 3, 2011
Contact: Doug Heye, Megan Whittemore

The Senate Failed To Act On FAA: “The Senate left town and failed to act. It is pretty much par for the course as to what we have seen over the last year in the Senate, it is very difficult for them to get anything done. The House passed a bill to extend the funding for the FAA but what we did is we said, look, like everything else we need to try and affect some reforms and reduce the spending. We all know we are spending too much money and spending money we don't have, so that’s what was in the House bill and the Senate refused to go along with it.”

We Must Give Confidence To Investors And Small Businesses In This Country: “Nobody is really happy with this agreement. I certainly would say it is not perfect at all, and we’ve got a lot of work to do to implement even that. All along, we had insisted that there not be tax increases and there are no tax increases in the bill. We insisted, as the Speaker had gone out and said consistently, that we have to have at least as many cuts as the amount we would raise the debt ceiling and that is the case with this measure. Also, we have an opportunity to keep the issue of deficit spending on the table, to keep the issue of job killing policies that the spending is promoting on the table. This President has to defend that to the American people. I don't have to tell you, your listeners know how bad the economy is right now and unfortunately the policies that the Obama Administration is promoting aren’t doing much to give confidence to investors and small business in this country that America is open for business. And we’ve got to start doing that.”

President Obama Continues To Say We Need To Raise Taxes: “There was never an agreement that we were going to accept new taxes. I think what all of us would say is we need tax reform, we need to close the loopholes, simplify the code, bring down rates for everybody, and the problem is President Obama has consistently said we need to raise taxes. And it is not just through new growth in this economy. I can tell you having sat through three months of discussions on this issue with the Administration, it is their position that we need to impose higher taxes on many of the small businesses in this country. You have to ask, what is the economic theory that validates a position that says you should impose higher taxes right now when you have 9.2 percent unemployment - that is the official rate - when you have terrible job numbers and manufacturing numbers, and you have the new consumer spending numbers that are down?”