| Weekly Update from Sam |
Dear Friends,
This week we avoided default by passing the Budget Control Act of 2011 on Monday. While not perfect, it addresses our out-of-control debt without any job-killing tax increases, which will help provide some much-needed certainty for our nation’s most robust job creators—small businesses. This bill cuts spending now, caps future spending and will require votes on a balanced budget in both chambers.
I am most pleased that Speaker John Boehner and Senate Minority Leader Mitch McConnell fought hard and were successful in negotiating a bipartisan plan to pay our bills without any tax increases, despite demands by President Obama and Majority Leader Harry Reid to do so.
Tax increases are a significant threat to jobs. At a time when our economy remains stagnant, with 9.1 percent unemployment, as reported today by the Department of Labor, and nearly 14 million Americans out of work, we should be doing everything possible to make it easier to do business in this country, not harder.
Although much more must be done in the months ahead to continue to root out waste and duplication in the federal government, the Budget Control Act was a step in the right direction.
Sam Graves
Chairman
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Latest Committee Action
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Following the Budget Control Act vote on Monday, the House recessed for a district work period and will resume on Wednesday, September 7.
All Small Business Committee hearings for the week were postponed.
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Notable Op-ed
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Why The Debt Deal Is Good For Small Business
By Chairman Sam Graves
August 4, 2011
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News From Washington
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On Monday, the House passed the Senate amended Budget Control Act (S.365) by a vote of 269-161. This bill cuts government spending more than it increases the debt limit, implements spending caps to restrain future spending and requires the House and Senate to vote on a balanced budget amendment by December 31, 2011. In addition, the bill does not include any tax hikes. According to the Congressional Budget Office, the bill would reduce deficits by at least $2.1 trillion over ten years with the possibility of greater reductions based on the enactment of legislation produced by the Joint Select Committee on Deficit Reduction (who is tasked by this bill to identify $1.5 trillion in deficit reduction).
On Friday, the Senate approved the FAA Reauthorization bill. The House passed the bill on July 20th by a vote of 243-177. However, the Senate failed to pass the legislation before the July 22nd expiration date, prompting a two-week partial shutdown of the Federal Aviation Administration and a furlough of 74,000 workers. Passage of the House bill by the Senate on Friday extends the reauthorization until September 16th, 2011.
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| August 5, 2011 |
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| What We're Reading |
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| Member Highlights |
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| Small Biz Resources |
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