Friends:

While the House Small Business Committee was celebrating hardworking entrepreneurs for National Small Business Week, Congressional leaders in Washington continued to ignore one of their most basic responsibilities: passing a budget for Fiscal Year 2011. Instead, the House Majority spent the week before Memorial Day recess fighting to push through a tax extenders bill that adds $54.2 billion to the deficit.

Our national debt is at an almost unprecedented $13 trillion. With government spending spiraling out of control, and a new health care law estimated to cost nearly a trillion dollars – it is important that Congress make a commitment to fiscal responsibility and show small business owners that Washington is capable of making the same tough budgetary decisions that entrepreneurs must make every day.  Republicans want to hear from you about how we can reduce spending in Washington and lower the debt.  That’s why we’ve introduced America Speaking Out – an online forum to change the way Congress works by collecting the thoughts and opinions of the American people and proposing a new policy agenda.  Visit www.AmericaSpeakingOut.com for more information, or to share your views.

Sam Graves

News from the Small Business Committee:
(Please send any Member media activity to Alexandra.Haynes@mail.house.gov)

• Ranking Member Graves (R-MO) released a statement in recognition of National Small Business Week

• Ranking Member Graves (R-MO) welcomed a Blue Springs Business Owner’s Testimony at “Heroes of Small Business” Hearing

• Ranking Member Graves (R-MO) issued a statement on the introduction of America Speaking Out, encouraging Americans to speak out on the economy and job creation.

• Rep. Vern Buchanan (R-FL) recognized a local businesswoman in honor National Small Business Week

• Rep. Vern Buchanan (R-FL) spoke at a town hall in Sarasota, FL on how "Stimulus" Starts With Small Business

• Rep. Glenn Thompson (R-PA) wrote a statement on the “Heroes of Small Business” hearing

• Rep. Glenn Thompson (R-PA) spoke out on the House floor and on the failure of House Democrats to pass a budget

• Rep. Blaine Luetkemeyer (R-MO) released a statement on the importance of small businesses in revitalizing our nation’s economy and creating jobs

• Rep. Blaine Luetkemeyer (R-MO) had an op-ed published in the Washington Times entitled, “Wall Street reform hurts Main Street banks”

• Rep. Blaine Luetkemeyer (R-MO) spoke on the House floor about the importance of passing a budget in order to crack down on out-of-control spending

• Rep. Mike Coffman (R-CO) highlighted the importance of small businesses in creating jobs and growing the American economy during National Small Business Week

• Rep. Mike Coffman (R-CO) released a statement as the U.S. national debt surpassed a mind boggling $13 trillion

House Small Business Committee Action:

• On Wednesday, May 26th, the House Small Business Committee held a hearing entitled, “Heroes of Small Business.”  Read more about the hearing and learn the details of what was discussed here.

• For video footage of the hearing, click here.  To view photos of the hearing, click here.

• Congress will be in recess until June 7th; therefore, Ranking Member Sam Graves’ Small Biz Straight Talk will be released next on June 11th.

Updates from Washington:
(Please send any Member initiatives related to small business and job creation to Paul.Sass@mail.house.gov)

• A package of tax cuts and social spending, commonly referred to as the tax extenders bill, passed the House today after the bill was split in two to address concerns over the effect on the national deficit.  The bill includes an extension of unemployment benefits, a 19 month “doc fix,” and a shrunken package of tax cuts. The bill would provide $30 billion in tax relief and $82 billion in permanent tax increases, for a net tax increase of $47.8 billion. 
   
• On Friday, the House continued consideration of H.R. 5136, the National Defense Authorization Act for FY11.  The legislation authorizes $749 billion in budget authority for the Department of Defense, including contingency operations in Afghanistan and Iraq. 

• This week, the Obama Administration highlighted a series of legislative items aimed at helping small business create jobs.  Included in this blueprint was an initiative to create a $30 billion small business lending fund, tax incentives for small business investments, and increases to a variety of loan programs administered by the SBA.  Some Members expressed concern about the cost of the proposals.

• On Thursday, Congressman Wally Herger (R-CA) introduced legislation that would repeal the new health care law and replace it with an alternative aimed at reducing costs, increasing access, creating transparency and adding more competition. H.R. 5424, the Reform Americans Can Afford Act, would also address frivolous lawsuits, portability across state lines, and small business health plans.      

• On Thursday, the House Republican Health Care Solutions Group held a forum to discuss the true cost of the new health care law for families and small businesses.  Throughout the summer, the Health Care Solutions Group plans to hold more forums to discuss the impact of the health care law on our nation and the economy. Read more about the forum here.

News and Resources for Small Business Owners:

• Google released figures on the company’s economic impact throughout the U.S.

• Mercer published a study on the tax penalties in the new health care law that small businesses will face.