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E-News: Update on Fiscal Cliff

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By:
Date:
Location: Unknown

I wanted to update you on 3 key issues on Capitol Hill.

1) The "fiscal cliff" is approaching and small businesses and families need a resolution that ensures their taxes do not increase in 2013. Unfortunately, the President is proposing (over 10 years) $1.6 trillion in job-killing tax increases, $400 billion in unspecified cuts to be named later (and possibly never implemented), and $50 billion in additional "stimulus." This isn't a serious plan for economic growth or to get our nation's debt under control. We have a spending problem, not a revenue problem.

2) Congress is continuing to investigate the events that led to the death of our ambassador and three others in Benghazi, Libya. This includes searching for and examining reasons why the Administration was so adamant that the attack was the result of a spontaneous protest of a video rather than a terrorist attack they knew it was within hours. We are also looking into embassy security and the protocol for requesting more for our ambassadors serving in dangerous posts.

3) In the last month, businesses around the country have announced layoffs and hours reductions due to new Obamacare regulations anticipated to go into effect next year and the year after. Those of us who opposed Obamacare warned this would happen. Not surprisingly, businesses are doing what they must to stay afloat by cutting hours. The truth is that Obamacare is very costly. We also warned that the Obamacare tax on medical devices would cost jobs and hurt innovation. It turns out, we were right and medical device companies are laying off employees in anticipation of a new 2.3% tax. The House has already voted to repeal this tax but the Senate hasn't taken action.


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