Faced with continuing criticism by President Obama about the lack of a GOP plan to boost the flagging economy, Senate Republican lawmakers on October 13 introduced a measure they said will put Americans back to work. Instead of erroneously relying on stimulus spending, as does the Obama American Jobs Bill, the new Republican legislation is focused on creating jobs by speeding up the economy, said the bill’s sponsors, Sens. John McCain, R-Ariz., and Rand Paul, R-Ky. Senate Minority Leader Mitch McConnell, R-Ky., is also a sponsor, as is Sen. Rob Portman, R-Ohio, who sits on the Joint Select Committee on Deficit Reduction, which is tasked with developing a plan for cutting $1.5 trillion in federal red ink by mid-November.
The GOP bill, which is unlikely to pass the Democratic-controlled Senate, would require a balanced-budget amendment, 25-percent tax rates for businesses and consumers, repatriation of foreign earnings and a repeal of the 3-percent withholding tax on federal contractors. The measure would also repeal the Patient Protection and Affordable Care Act (P.L. 111-148), the health care reform law, which Republicans have dubbed “Obamacare,” and repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203).
“We simply cannot look to the failed policies of the last two years for an example of how to grow our economy and create jobs,” said Paul. He faulted the Obama administration for its program of excessive government spending, regulation and taxation that has stunted job creation in the U.S. In response to the GOP jobs plan, Sen. Charles D. Schumer, D-N.Y., said Republicans had offered a “a political fig leaf” that would likely increase the deficit without creating jobs.
By Stephen K. Cooper, CCH News Staff