The President's Job Creation Speech
9/9//2011
The President's job creation speech, the Super Committee's first meeting and the latest Republican presidential candidate debate
The President's Job Creation Speech
On Thursday night, President Obama unveiled details of his $447 billion jobs proposal before a joint session of Congress. Among the provisions included in the American Jobs Act, which is split between $253 billion in tax cuts and $194 billion in spending, are an extension and expansion of the payroll tax cut for both employees and employers, hiring tax credits for veterans and the long-term unemployed, $60 billion in transportation infrastructure spending, and funding to preserve jobs for teachers and to modernize schools.
To pay for his proposal, the President called on Congress to increase the amount of deficit reduction the Joint Select Committee on Deficit Reduction is tasked with finding, and indicated he will submit to the committee his deficit reduction recommendations next week.
In a meeting with nonprofit organizations this morning, White House staff indicated that the administration will make sure nonprofits can take advantage of the hiring tax credits, but also said that the President’s recommendations to pay for the jobs package will include a cap on tax deductions – including the charitable deduction – for high-income taxpayers. We will update further as more details are revealed.
Sources: Congress Daily, Congressional Quarterly, The Hill, Independent Sector and Roll Call
The Super Committee's First Meeting
In their first meeting on September 8, the newly-created Joint Select Deficit Reduction Committee approved, by voice vote, rules governing its proceedings that would require a majority vote to close a hearing or meeting to the public. These rules include a seven-day public notice of any hearing and for the panel’s co-chairs to provide an agenda to committee members within 48 hours of any meeting and make the text of matters to be considered available within 24 hours. Proxy voting would be prohibited.
Created as part of the recently-enacted debt limit law (PL 112-25), the “super committee” is scheduled to meet again on September 13 to begin its substantive work of producing legislation that will reduce the deficit by at least $1.2 trillion over 10 years.
Sources: Congressional Quarterly and Congress Daily
Republican Presidential Candidates Debate
On Wednesday night, the Republican presidential hopefuls met at the Ronald Reagan Presidential Library in Simi Valley, Calif. in the latest Republican presidential debate.
Race newcomer Texas Gov. Rick Perry and former Massachusetts Gov. Mitt Romney clashed over their job creation records, health care and Social Security at the Republican presidential debate. Perry said his opponent had a great record creating jobs in private business, but not so much as a political leader. The Texan said he helped create one million jobs in a decade. Romney countered that Texas had advantages over Massachusetts, including no state income tax, the oil and gas industry, and fewer unions.
The eight Republican hopefuls said President Barack Obama doesn't understand how to fix the economy.
Minnesota Rep. Michele Bachmann, a tea party favorite who won the Ames Straw Poll in Iowa last month, said health care reform legislation passed under Obama's leadership is hurting job creation and should be repealed.
Romney criticized Perry over his anti-Washington book titled "Fed Up." In it, Perry refers to Social Security as a "Ponzi scheme," which could make him vulnerable to Democratic attacks in a general election campaign if he wins the Republican nomination.
On the issue of immigration, former Pennsylvania Sen. Rick Santorum said it is vital for America when legally done. Romney said business and institutional incentives that draw illegal immigrants should be curbed while Perry said more troops are needed on the Mexican border.
Romney came under criticism for individual mandates in Massachusetts’ health care reform, but he said it was needed because too many people were getting taxpayer-funded care at hospitals. Perry said Texans "would like to see the federal government get out of their business."
Stay tuned as many more debates are planned for the future.
Sources: CNN, The Washington Post and Roll Call
