Economy
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More on Economy
Congressman Adrian Smith (R-NE) made the following statement today after the Regulations from the Executive in Need of Scrutiny (REINS) Act was introduced by Congressman Todd Young (R-IN):
All eyes are now focused on negotiations to resolve the fiscal cliff, which if left unaddressed will result in arbitrary spending cuts and tax rate increases for all earners at the beginning of next year. Arbitrary cuts combined with new increases in tax rates would undermine economic growth and likely send our economy back into recession.
As Congress turns its focus to resolving the fiscal cliff - the end-of-the-year deadline after which deep cuts in spending and increases in tax rates for all earners take effect - there is much disagreement on how to bring down the deficit in a responsible way without harming our economy. The question of tax rates remains one of the largest sticking points to the debate.
Washington, DC – The U.S.-Panama Trade Promotion Agreement enters into force today, marking the completion of the three U.S. trade agreements enacted in 2011. Trade promotion agreements with Colombia and South Korea took effect earlier in 2012. Congressman Adrian Smith (R-NE) issued the following statement:
The national economy is bleak. Four years after a deep recession, unemployment remains stubbornly high at 7.8 percent, and economic growth has slowed to 1.3 percent. Families and small businesses are struggling to make ends meet. As wages and benefits have been cut, prices of electricity, gas, food, and health care continue to rise. Clearly, we are not headed in the right direction.
Congressman Adrian Smith (R-NE) accepted the National Association of Manufacturers Award for Manufacturing Legislative Excellence today at the Nebraska Business and Industrial Products Show in Grand Island.
Washington, DC – Congressman Adrian Smith (R-NE) issued the following statement on the U.S. Department of Labor’s August jobs report:
America’s relationship with Russia is complex. Russia is currently the world’s ninth largest economy and growing. In 2011 alone, Nebraska exported $154 million worth of goods to Russia, which directly supported an estimated 560 jobs here at home. However, I and many others remain concerned regarding Russia’s recent behavior and trading policies.
Washington, DC – Congressman Adrian Smith (R-NE) issued the following statement after voting in favor of H.R. 4078, the Red Tape Reduction and Small Business Job Creation Act. The bill passed in the House of Representatives by a vote of 245 to 172:
America’s economy is stagnant and showing few signs of growth. The private sector is being strangled by government regulation, an overly-complex and uncompetitive tax code, and uncertainty generated by the threat of tax increases, an onerous health care law, and the ever expanding national debt.