U.S. Senator Judd Gregg (R-NH), Ranking Member of the Senate Budget Committee, today issued the following statement on the Obama Administration's most recent jobs proposal, which failed on a procedural motion in the U.S. Senate today by a vote of 53-45. The bill was S. 3816, the Creating American Jobs and Ending Offshoring Act.
"Unfortunately, the overall response by this Administration to the economic recession facing our country has been woeful, misdirected, and in some cases, has aggravated the situation. The latest so-called "jobs bill' is another example of these failures.
"Democrats argue that by increasing taxes on American businesses overseas, companies will invest more in the U.S. Unfortunately, this bill harms American companies and workers by making them less competitive in a global economy and decreasing opportunities for new jobs here at home. Approximately one-fourth of the manufacturing and high-tech jobs in New Hampshire rely on exports and open international markets. Making it harder for American companies to earn profits and reinvest in their businesses helps no one but our foreign competitors.
"In order to spur job growth, we must examine the long-term problems that this government is creating and allow people to expand their businesses without fearing that the government is going to handicap their success. From an intrusive regulatory burden to the specter of increased taxes and our ballooning national debt, this government is failing the American people by fostering a business climate hostile to investment and growth.
"Without a change in direction, we can expect more economic hardship in our future. That is why Senator Wyden and I have proposed a bipartisan measure to reform the tax code so that working families and businesses can begin to thrive once again with lower taxes, a simpler and fairer system, and more freedom to grow the economy."
Senator Wyden and Senator Gregg introduced S. 3018, the Bipartisan Tax Fairness and Simplification Act of 2010, on February 23, 2010. For more details on this legislation, visit: http://gregg.senate.gov.