Fox News "Your World" - Transcript
Neil Cavuto: But of course it's not only the White House having a jobs summit. Republicans are doing their own jobs shindig, the House Minority Whip Eric Cantor among those leading the charge today. Congressman, good to have you in.
Rep. Eric Cantor: Neil, it's good to be with you.
Cavuto: How is yours different from his?
Rep. Cantor: I think his will hopefully be more than just a photo op.
Cavuto: Apparently it is. He is talking about things he has not talked about.
Rep. Cantor: And listen, if we are finally going to focus on jobs, we welcome that. We have consistently since January, when the first stimulus bill came, tried to work with this administration and say, look we have alternatives. Yesterday we rolled out a no-cost jobs plan, and essentially that started with the premise that we have got to stop the harm that has been created by Washington, in terms of the rules and regulations detrimental to job creation that they are promulgating. We've got to stop talk of things like card check , of increasing taxes, of making it more difficult for job creators and Neil, one question I've got it: How can you explain the President says, hey, I am for job creation, and then next week he will fly to Copenhagen to tout the cap and trade bill which will essentially be a job killer? Same thing with Speaker Pelosi today, she said she is for jobs, but why is it that they are insistent on continuing to promote the cap and trade bill?
Cavuto: She communicated today that she is not for a war tax, so maybe they are hearing you?
Rep. Cantor: Listen, we will look for progress anywhere, but we certainly want to work with them.
Cavuto: Let me understand this Congressman, your solution is essentially to get the government off people's backs, right? Cool it on regulations and tax increases. That is it, right? The President has been saying that the lassez faire attitude toward business, letting them run and do their own things, is what got us into this muck.
Rep. Cantor: Listen, what is going on right now is a sense across America where you have folks who have capital who are sitting on the sidelines because there is so much government activism right now in the markets With so many prospects for tax hikes coming down the pike, people are concerned about the price of risk, and right now we ought to be about reducing that price of risk and and we ought to let the markets begin to function again so we can see jobs created.
Cavuto: Talking about the markets, Bank of America has indicated they will give back all the $45 billion it got ostensibly, for all the right reasons. But many argue maybe it's to get the government off it's back so they can pay its people a gazillion dollars. Maybe the truth is somewhere in between. But there are many in Congress who are looking at that money coming back from Bank of America and many are wanting re-channel it into other efforts. What do you think about that?
Rep. Cantor: Listen, when we passed the tarp bill in 2008, it was passed as an emergency measure, because most people thought the capital markets were in a collapsed mode. That money is borrowed from the taxpayers! We ought not be creating a slush fund for the whim of this city to go out and spend how it feels it should be spent that's taxpayer money.
Cavuto: But that was credit-line money, right? So who does it go back to? Does it go back to a credit-line that's narrowed again?
Rep. Cantor: It's borrowed money as well. You know, we are spending money we do not have in this town. So we could pay off the debt with TARP money that's being paid back from Bank of America and others.
Cavuto: What do you make about these bank's tripping over themselves to give this money back, why do you think they are doing that?
Rep. Cantor: I think the lesson is very clear. Anytime you get in bed with the federal government, you as an investor will not like it. Because the political winds here begin to dictate business practices. We know that this country was not built in government being in the middle of our markets.
Cavuto: You've been to many White House meetings were you invited to this meeting?
Rep. Cantor: No I was not invited to this one. In fact, Neil, we're standing here at the Chamber of Commerce -- and THEY were not invited to this summit. So, if you think about job creators what do you think about? Usually you think about the Chamber of Commerce. So what we see now in the summit and those invited -- I didn't see many small business job creators and that's my concern. We've really got to understand and examine things through the prism of the job creators.
Cavuto: Thanks very much. Very good seeing you.