My number one priority is creating jobs and restoring fiscal responsibility so we can create an economic environment that will grow and support good jobs well into the future. I am not satisfied by statistics about economic growth or drops in the unemployment rate when the real lives of families in Northwest Washington are impacted by one question: Will mom and dad have a job tomorrow?
I remain committed to laser-like focus and action creating an economic environment that grows jobs, strengthens the foundation for future economic growth, and reduces unemployment.
Small businesses are a critical part of our economic recovery. Small businesses are the number one source of new job growth in our nation and have created 65 percent of all new jobs in the last decade
I am working to extend and enhance programs to support small businesses and create jobs. I support tax breaks for small businesses and increasing tax deductions for start-up expenditures. For example, recently Congress allowed a 100 percent deduction in 2010 for capital investments and equipment purchases for small businesses.
I also worked to extend certain Small Business Administration (SBA) lending programs like the 7(a) and 504 loans that help small businesses grow and create jobs. So far, during fiscal year 2010, there were 123 SBA 7(a) loans worth over $39 million and 26 504 loans worth over $13 million provided to small businesses in the 2nd district allowing them to expand and modernize -- 149 loans, $52 million total.
Economic growth will also depend on our ability to make more credit available for small businesses. Unfortunately, the credit crunch has prevented small businesses from accessing the capital they need to grow and create jobs. Community banks want to play their role in extending loans to local small businesses. Our nation's community banks play a vital role in small business lending, but the financial crisis has hamstrung their ability to make those loans.
I look forward to working with the Administration to ensure that its Small Business Lending Fund proposal will help community banks provide loans to give small businesses access to the tools they need to build their businesses and start hiring again. I support using Small Business Administration lending programs to increase access to capital.
I have worked to help small businesses export their products, not their jobs. Here at home, exports drive Washington State's economy, accounting for over 30% of economic growth over the past decade. Approximately one in three jobs in Washington is tied to foreign exports, and the pay for these jobs is about 46% more than the overall state average. When Washington state businesses export, they create jobs here.
I am working hard to restore fiscal discipline and build a long-term, sustainable budget. We need to rein in spending and tackle our unsustainably high deficit. Congress must behave like any family in America: in order to spend a dollar, you have to have a dollar. That's why I support the Pay as You Go rule that is now law.
I also support the President's reform commission and look forward to its plan to reverse the unsustainable imbalance between long-term federal spending commitments and projected revenues.
Wall Street Reform
For too long, federal regulators were asleep at the switch as bigger banks on Wall Street played games with our economic security. As a result, our country faced the worst economic crisis since the Great Depression.
Nearly 100,000 people in Northwest Washington lost their homes or retirement savings, through no fault of their own, because bigger banks on Wall Street played with their futures by selling risky financial products. Small businesses in our community have been forced to shut their doors because big banks put big profits and big bonuses ahead of your financial security.
In July, President Obama signed the Wall Street Reform bill into law. This important new law restores financial security for families and small businesses on Main Street by imposing strong oversight of Wall Street. No longer will taxpayers be held responsible for irresponsible actions of a few.