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NONPARTISAN CBO WARNS OF IMPENDING FISCAL CLIFF—Wedged between national convention planning for both Republicans and Democrats, the Congressional Budget Office (CBO) delivered a direct warning to the House and Senate. Increasing taxes at the end of the year and proceeding with automatic budget cuts under sequestration, including a defense spending reduction of $500 billion, would send the U.S. economy into a recession and drive the unemployment rate up to 9 percent by the end of 2013, according to CBO’s forecast.
NOVEMBER IS FAST APPROACHING and the window of opportunity to address looming budget cuts and tax increases is closing. The CBO report underscores the challenge that Congress will face over the next several weeks as the 2001 and 2003 tax cuts and the payroll tax holiday set to expire, and across-the-board spending cuts move closer towards implementation.
WHAT NEEDS TO HAPPEN: On taxes, businesses and families need certainty and their confidence restored. Absent serious tax reform, Congress must prevent any increase in rates that would hamper economic recovery and job creation. On the side of budget cuts, defense spending was immediately reduced by $450 billion when the President signed the Budget Control Act into law last summer. The real cost-drivers of the federal budget have gone largely untouched in the time since, and the true sources of federal fiscal woes are where Congress needs to set its sights and push forward with substantive reforms.
NEW SURVEY DATA SHOWS 80 PERCENT OF VOTERS IN STATES WANT SEQUESTRATION RESOLVED AHEAD OF NOVEMBER. I’ve never really been one for polls, but this one is worth a second look. The poll was conducted by Harris Interactive, surveying 4,000 likely voters in five states impacted by sequestration. By a large margin, voters want Congress to act to resolve these budget cuts before the November elections. Also, 41 percent of participants heard or read about Secretary of Defense Leon Panetta’s assertion that additional budget cuts beyond what’s already gone into effect would harm America’s military.
TURNING ATTENTION TO DEFENSE BUDGET CUTS AND IMPACT ON SAN DIEGO, I am organizing and hosting an interactive conference on Tuesday, September 25, at UC San Diego. Panels will be formed to discuss issues ranging from defense acquisition to the military’s impact on San Diego families and businesses. More information is available on my website. This will be a widely attended event, so RSVPs are strongly encouraged.
SGT. PERALTA MEDAL OF HONOR CASE STILL UNDER REVIEW—Following new revelations of persistent breakdowns in the Medal of Honor review process, I sent a letter to Secretary Panetta stating my concerns with inconsistencies and bureaucratic influence involving the military’s highest award for combat valor. The good news is that Sgt. Peralta’s nomination is back on the Secretary’s desk and still under review. And a decision is expected soon.
BILL PRESENTED TO CA GOVERNOR TO ISSUE DRIVER’S LICENSES TO ILLEGAL IMMIGRANTS. The push—read more from the San Diego Union Tribune—is a byproduct of the President’s Deferred Action for Childhood Arrivals program, where temporary work visas are being provided to applicants between the ages of 15 and 31 who entered the U.S. illegally. Click here for my latest statement on the President’s policy—implemented through executive order.
Currently, I’m working on legislation to 1) put California and other states considering similar action on notice and 2) prevent states from issuing driver’s licenses in contravention to federal law.
AND BE SURE TO STAY UPDATED ON THE HOUSE’S JOBS AGENDA by accessing the JOBS tab on my website. The page is updated regularly to reflect major action in the House on initiatives aimed at putting Americans back to work—and the page will continue highlighting the latest action throughout the remainder of the 112th Congress.
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