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As the debt ceiling fight recedes into the memory of everyone but Washington politicians, both parties are pushing Congress and President Obama to focus on economic growth before dealing with the federal deficit.Rhetoric is heating up over the so-called “Super Committee” of lawmakers tasked with making $1.5 trillion cuts to the deficit, with Republicans and Democrats trading barbs rehashing the arguments of the past several months.
But many want Obama to take a much stronger stance on job creation legislation, including the infrastructure bank he has been pushing for nearly a year. The Wall Street Journal reports today that there is a growing concern that Obama “needs to follow up on the rhetoric with action” — and fast.
Congress is out of session until after labour Day, at which point it must work to fund the government for the next fiscal year beginning October 1, before working on any jobs bills.
Democrats want to see more government spending in combination with tax cuts to get the economy going, while Republicans want to focus on eliminating regulation and cutting taxes, and arguing that more spending will make the debt problem worse.
In a memo to GOP lawmakers before the August recess, House Majority Leader Eric Cantor said “it is my intention that the House will take continual and steady action on bills to reduce or eliminate regulatory barriers to job creation this fall.”
Democrats are unlikely to accept a deal that just includes tax breaks without a fight.
Whether lawmakers can put aside the vitriol and their “manufactured” crises, and focus on the real problems facing the economy is a question that will be answered in the coming weeks.
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