What can Congress do to create jobs? Five Republican proposals.
Amid worries that the economy may be tipping toward a second recession, both Republicans and Democrats say creating jobs is their top priority. But the two parties are far apart on their approaches.
Democrats favor targeted stimulus – investments in infrastructure, clean energy, and education – while hiking taxes on corporations and the rich to fund this jobs spending. Republicans aim to curb government regulation and cut taxes to give businesses and individuals more incentive to invest.
Here are the Republicans' top five priorities.
1. REINS Act
The signature jobs initiative for Republicans when Congress returns in September is an attempt to pass the REINS Act (Regulation from the Executive In Need of Scrutiny).
The REINS Act would require Congress to approve every major new regulation proposed by the White House before it takes effect. If Congress does not act within 70 days, the rule is void.
This would severely limit the power of the executive branch, since no regulations – such as the Environmental Protection Agency's regulation of greenhouse gases – could become effective without approval from both houses of Congress, a high bar. In this way, congressional Republicans are seeking to bring back to Congress the regulatory powers that have gradually devolved to the executive branch during the past 50 years.
Sponsors include Rep. Geoff Davis (R) of Kentucky and Sen. Rand Paul (R) of Kentucky. The bill is endorsed by business groups, including the US Chamber of Commerce, which is launching a summer regulation road show to boost public support.