Instead of digging heels in sand, President should join House in fight for jobs
The U.S. Department of Labor reported yesterday that just 18,000 jobs were created last month. That's less than one-fifth of what economists predicted and represents the lowest number in nine months.
Instead of digging his heels in the sand, the President should join the House in our fight for jobs. We cannot spend our way out of this crisis. Instead, we need to get government out of the way of the drivers of our economy: small businesses and working families.
Last month, House Republicans formalized our Plan for America's Job Creators which would provide commonsense reforms to reignite our economy. We focus on empowering small business by reducing the regulatory burden on the economy which the Small Business Administration estimates costs our economy $1.75 trillion annually.
We also call for simplifying the tax code, enacting pending free trade agreements with Colombia, South Korea and Panama, encouraging entrepreneurship and increasing domestic energy production. To read more about our plan, visit http://gop.gov/jobs.
What do you think is most important to getting our economy back on track? Do you approve of the President handling of the economy? What do you think about the Plan for Americas Job Creators? Continue the discussion on my blog.
Debt limit debate continues
A bipartisan meeting at the White House on Thursday failed to produce an agreement on the debt limit debate. Leaders will meet again on Sunday to continue discussions.
I have called for a three-pronged approach of spending reductions to resolve this impasse known as "Cut, Cap and Balance." This would include:
1. Immediate spending cuts to slash the deficit in half next year. According to March projections from the Congressional Budget Office, this would require spending cuts of approximately $380 billion in the 2012 fiscal year.
2. Statutory, enforceable caps that align spending with average revenues by ratcheting total federal spending down to 18% of GDP like the proposal I introduced earlier this year.
3. House and Senate passage of a Balanced Budget Amendment to the Constitution that includes a spending cap at 18% of GDP and a high hurdle for tax increases. 47 Senators have already endorsed a Balanced Budget Amendment along these lines.