Cantor unveils jobs plan big on regulation cuts

Aug. 29, 2011 at 3:32 PM
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WASHINGTON, Aug. 29 (UPI) -- U.S. House Majority Leader Eric Cantor outlined a jobs plan that would target 10 regulations for elimination and enact one major tax cut for businesses.

Cantor, outlined his plan -- presented as contrast to jobs proposals President Obama plans to offer next week -- in an e-mail to rank-and-file Republicans, The Hill reported.

"I think the administration has … already demonstrated that it is not interested in focusing on private sector growth," the Virginia Republican said. "What our list demonstrates is Washington now has gotten in the way, and we've got to make it easier, finally, for small business people to grow."

Cantor's proposals face a tough battle in becoming law but could find their way into a package developed by the 12-member, bipartisan, bicameral "supercommittee" charged with recommending $1.5 trillion in deficit cuts by late November, observers told The Hill.

The 10 regulations were identified by committee chairmen as those they consider most harmful to the economy. Cantor's package also would allow small-business owners to deduct 20 percent of their income from their taxes.

Cantor's memo said House members also will vote on legislation that would require all major regulations be subject to an up-or-down vote in Congress, and would consider two bills that would change the way regulatory impacts are analyzed.

Sen. Chuck Schumer, D-N.Y., called Cantor's agenda a distraction meant to "provide cover for blocking the kind of pro-growth proposals needed to make a difference."

"House Republicans are struggling to play catch up on jobs after [Federal Reserve Board] Chairman [Ben] Bernanke called for more aggressive fiscal policies than they have supported so far," Schumer said "But when they even stall common-sense measures like continuing the payroll tax cut for the middle class, it's clear Republicans are still putting politics ahead of our economic recovery."

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