Any final deal between the House, Senate, and White House on increasing the nation's debt ceiling should include legislation placing a moratorium on new job-killing federal regulations for the duration of President Obama's current term in office, according to House Republican Conference Secretary John Carter (TX-31).
"We don't need new taxes, we need new taxpayers," says Carter, the author of the Take off the Brakes on the American Economy Act, H.R.1235. "Increasing federal revenue by having more Americans working and paying taxes is the only painless treatment for our deficit illness, and the only goal with universal non-partisan support. Instead of spending and taxing to fight the deficit, we can do so with the truly unique approach of having the federal government do nothing for a couple years."
The Take off the Brakes Act would place a 2-year moratorium on new federal regulations. The guarantee of a stable regulatory climate would free businesses and investors from fear of the oncoming tsunami of Obama Administration red tape, thereby jump-starting new investment in private infrastructure and market expansion. The American business community is estimated to be sitting on trillions of dollars of investment capital that could spark a massive growth in jobs and income, but is afraid to invest with the uncertainty of the current regulatory and economic environment.
"Businesses can't and won't hire if they continue to be inundated by job-killing new federal regulations on everything from construction costs to power production to health insurance," says Carter. "The resulting 9.2% jobless rate means millions of unemployed families are not contributing payroll taxes while draining federal funds through extended unemployment benefits. If we simply get our folks back to work we will make a dramatic improvement by increasing federal revenues through positive economic growth."
Carter has led the Republican Conference effort this year to fight the tidal wave of new federal regulations by the Obama Administration that have stifled private-sector job growth, and subsequently driven up the federal deficit. The former Texas judge also initiated the drive to re-vitalize the Congressional Review Act, which allows Congress to disapprove any new major federal regulation within 60 legislative days of a federal agency submitting the proposed rule to the House and Senate. The former Texas judge has filed resolutions of disapproval on multiple new proposed regulations.