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Posted at 03:56 PM ET, 05/03/2011

Senate Republicans unveil jobs plan


(Alex Brandon/AP)

Senate Republicans on Tuesday released a seven-part jobs plan that they say will spur private-sector growth and boost the economy.

“This is a pro-growth, pro-jobs plan that will create the environment necessary to get Americans back to work and ensure that American businesses are competitive globally,” said Sen. Rob Portman (R-Ohio), the former George W. Bush budget chief who drafted the plan. Portman unveiled the proposal Tuesday at Senate Republicans’ weekly caucus luncheon after speaking with small business owners and workers in every Ohio county, his office said Tuesday.

The proposal features several items that congressional Republicans have already made a part of their broader legislative agenda, including spending cuts, a balanced budget amendment to the Constitution, a reduction of the corporate tax rate to 25 percent, and a provision that would prohibit the Environmental Protection Agency from regulating greenhouse gases.

Another feature of the plan that Republicans have pushed for this Congress is the ratification of three pending trade agreements with Korea, Colombia and Panama before the July recess.

On health care, the GOP jobs plan calls for malpractice reform, the ability for individuals to purchase insurance across state lines and the promotion of health savings accounts.

The plan would also make permanent tax incentives and credits for research and development and small business investment; reduce taxes on capital gains and dividends; and codify President Obama’s plan to require cost-benefit analysis for federal regulations.

The jobs plan was released one day before House Democrats plan to unveil their own “Make It In America” plan to create manufacturing jobs. House Minority Whip Steny Hoyer (D-Md.), House Minority Leader Nancy Pelosi (D-Calif.) and other Democratic leaders will introduce the plan Wednesday at a 1 p.m. Capitol news conference.

“The president has indicated he wants to double exports,” Hoyer said Tuesday at his weekly pen-and-pad. “The way you double exports obviously is to have goods and services for that matter which can be exported overseas, and we intend to pursue that.”

By  |  03:56 PM ET, 05/03/2011

 
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