Senate Republicans have unveiled a seven-part jobs plan to create jobs and spur economic growth. Freshman Sen. Rob Portman (R., Ohio), a former budget director under George W. Bush, authored the plan and presented it Tuesday to the GOP caucus during their weekly lunch meeting. “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,” Portman said.
The plan contains a number of policy items that Republicans have already incorporated into their broader legislative and political agenda, such as spending cuts, a balanced budget amendment, reducing corporate income taxes to 25 percent (from 35 percent), prohibiting the Environmental Protection Agency from imposing unilateral regulations on greenhouse gases and finalizing trade agreements with Korea, Colombia and Panama before the July recess. It would also make permanent a number of tax credits and incentives for small businesses, reduce taxes on capital gains and dividend and order a review of federal regulations and their effect on the economy.
On health care, the plan calls for medical malpractice reform, allowing individuals to purchase insurance across state lines, the promotion of health savings accounts and the creation of additional risk pools for small businesses. In regard to energy policy, the plan recommends lifting federal prohibitions on drilling and exploration and expanding federal loan guarantees for nuclear power in order to diminish our reliance on foreign fuel sources.