Congressman Pete King


Long Island is going through challenging economic times. Our biggest priorities should be job creation and economic recovery. Unfortunately, the President's tax-and-spend policies continue to have the opposite effect. Since the $787 billion stimulus legislation was signed into law in 2009, 1.7 million private sector jobs have been lost. Our national debt surpassed a record $15 trillion and will soon exceed the size of the entire U.S. economy, and the unemployment rate is still unacceptably high with disappointing jobs reports being reported month after month.

Additionally, the specter of the increased costs of the President's healthcare bill has prevented businesses from expanding and creating jobs.

We need policies that will reduce the deficit and put people back to work. We need legislation that provides tax cuts for middle class families and small businesses, revitalizes the stagnant housing market, encourages banks to lend, and spends responsibly in job-creating industries like infrastructure creation and improvements. It makes absolutely no sense to raise taxes during a recession when we should be trying to provide incentives to increase employment.

The first step in strengthening our economy is getting control of federal spending. This past year, Congress cut over $60 billion in spending for fiscal 2011. We also reduced spending for fiscal 2012, and succeeded in cutting discretionary spending for two years in a row for the first time since World War II.

I have always fought for policies that are pro-jobs, provide meaningful tax relief, and reduce unnecessary government spending - and I will continue to do so with even greater urgency as we take on this debt crisis.

There must be a change in policy to restore economic growth and create jobs. Federal spending must be brought under control. Red tape and onerous regulations must be cut back. That is why I voted for the JOBS Act (H.R. 3606) which was a package of six bills I supported in the Financial Services Committee and voted for in the House of Representatives. H.R. 3606 has been signed into law by the President. This much needed legislation will help jumpstart our economy and restore opportunities for America's small businesses and job creation. This is a good first start but more must be done. I will keep up the fight until the American economy is once again an engine of job creation.