Economy & Budget

Ending tax cuts for small businesses would hurt the economy (Rep. Tom Cole)

Last week, President Obama indicated a willingness to extend the Bush tax cuts for taxpayers with income under $250,000.  Facing declining polls and an all but certain electoral disaster in November, this president is playing to his strength - political gamesmanship - and exposing his Achilles' heel - managing the economy and creating jobs.  Extending 80 percent of the Bush tax cuts for 95 percent of the taxpayers is certainly good politics, but standing by while massive tax increases go into effect for American small businesses is a terrible economic policy.

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Labeling China as a currency manipulator invites trade retaliation (Rep. Peter Roskam)

The faces at the negotiating table may change over the years, but the dispute between the USA and China remains the same: how should America’s policymakers respond to China’s undervalued currency? As China suppresses the value of its currency, it creates an unlevel playing field for U.S. businesses, and this competitive disadvantage contributes to U.S. jobs losses.

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We're just getting started

Today looks to be a great day that’s been a long time coming.  Today the Senate finally starts the voting on the Small Business Jobs Act and with the word that Senator Voinovich will support the bill success is at hand.  Before the voting began a press conference was held in the Mansfield Room of the Capitol.  Speaking were Senators Landrieu, Boxer, Merkely and Cantwell .  Also speaking at the event was Gene Sperling, Counselor to Treasury Secretary Geitner, John Arensmeyer, president of the Small Business Majority and me.

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Save our shipyards

Politicians can yammer all they want about “creating” new jobs, but do they have the backbone to save the few remaining good jobs that exist?  Two major shipbuilders (Northrop Grumman, with two first-tier yards in the Gulf Coast one in Newport News Virginia; and Aker Philadelphia Shipyard) are issuing layoff notices that will eventually hit as many as 12,000 or 13,000 workers. The ultimate job casualties will be ten times that total. 

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No one should pay higher income taxes next year (Sen. Mitch McConnell)

“The good news is that a growing chorus of Democrats, including at least five here in the Senate, are coming round on this issue. They oppose the tax hikes the administration is proposing. That’s why I’m introducing legislation today that ensures that no one in this country will pay higher income taxes next year than they are right now.”

Senate Republican Leader Mitch McConnell made the following statement Monday regarding rising taxes and the economy in Washington, D.C.:

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Increased government spending will worsen the economy (Rep. Ron Paul)

Faced with continuing economic decline and an impending election, the administration, predictably, is entertaining the idea of another stimulus package. To explain why the last one didn’t work, adherents to the Keynesian economic philosophy are claiming that they actually did work - it just looks like they didn’t because we don’t realize how much worse off we would be right now without trillions of dollars of public spending. The last administration bought into Keynesianism just as much as this one does, unfortunately. Until we have leaders who understand that debt is not the way to prosperity, there will be no stopping runaway government spending.

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The Big Question: Should the GOP back middle-class tax cuts?

Some of the nation's top political commentators, legislators and intellectuals offer insight into the biggest questions burning up the blogosphere today.

Today's question:

Should Republicans vote for a bill that offers middle-class tax cuts, but phases out cuts for the wealthy?

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