GOP Senators Release Jobs Plan
Kentucky Senator Rand Paul is leading a group of Republican lawmakers in promoting an alternative to the president's jobs plan.Today, Paul joined his Senate colleagues John McCain of Arizona and Rob Portman of Ohio in releasing the Jobs Through Growth Act. It's a response to President Barack Obama's "American Jobs Act," which called for, among other measures, investments in infrastructure, a payroll tax cut and billions in state fiscal aid.The GOP bill combines several conservative proposals, including cuts to labor and environmental regulations, lower corporate and individual tax rates and a balanced budget amendment.Senate Minority Leader Mitch McConnell says all but a handful of Republican lawmakers support the bill, which the sponsors say will be revenue neutral. However, an official cost estimate of the legislation has not yet been determined and economists have yet to weigh in on it.From Politico:Senate Republicans are taking on a risk by putting their ideas in legislative language. They could open themselves up to criticism from Democrats if official budget scorekeepers show that the price tag could drive up the deficit and if economists are dubious on whether it would actually create jobs. And Democrats will undoubtedly attack the plan as a rehash of old GOP proposals.
The American Jobs Act failed its first congressional test this week and was voted down in the Senate on a procedural motion.