So, what's the solution? I've always said one of the biggest obstacles to private-sector job creation is that the government keeps getting in the way. When we return to Washington, my colleagues and I will advance an aggressive agenda to repeal expensive, job-killing government regulations and remove targeted tax burdens for small businesses. From senseless ozone rules to new harmful health care regulations, we will work to roll back the federal bureaucracy that's hindering private-sector recovery. Additionally, the House has passed more than a dozen jobs bills that remain stalled in the Senate.
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Yesterday, the President, along with the Office of Management and Budget (OMB), released a downgraded economic and employment outlook in its mandatory Mid-Session Budget Review, which predicted unemployment will remain above 9% in 2012 and the FY 2011 budget deficit will total $1.316 trillion. As I've mentioned before, this is the third consecutive year with deficits over $1 trillion (Prior to 2009, the highest budget deficit in history was $459 billion). That being said, I'm looking forward to the Joint Session of Congress on Thursday, September 8th to hear the President's Job Speech. But I sure hope these new deficit numbers help him rethink any plan to authorize more taxpayer-funded stimulus spending. News reports suggest he's considering a new government "infrastructure bank" to help fund a major capital program. The last thing our economy needs is more government spending -- especially when the last stimulus bill failed to jumpstart the economy. It's not government that creates jobs -- it's the private sector.