Economic Development Revitalization Act of 2011

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Mr. HOEVEN. Mr. President, I am pleased to be here with Senator Snowe and to rise in support of her legislation, the Freedom Act of 2011. I will be brief in my comments. I know she has comments to make. I also appreciate Senator Boxer's comments in regard to Republican and Democrats coming together on this legislation. I think that is exactly what needs to happen with the Snowe-Coburn amendment, the Freedom Act of 2011.

I am pleased to be a cosponsor of this legislation. I draw on 10 years of experience as a Governor in our State in expressing how very important it is that we create the kind of legal tax and regulatory structure at the Federal level that will help us to stimulate private investment and get this economy going and growing and get people back to work. I know that is exactly what Senator Snowe hopes to achieve with this amendment, and will. That is why we need to pass it.

Just this morning, jobless claims came out. New jobless claims were higher than anticipated, at 427,000. Last week, we got the employment numbers, and we gained only 54,000 jobs. Unemployment is 9.1 percent. At the same time, we face a more than $14 trillion debt, and our deficit is more than $1.5 trillion. We are spending $3.7 trillion a year and only taking in $2.2 trillion in revenue. Clearly we need to get a grip on spending, but to get out of this deficit and debt and to get people back to work, we need to get this economy growing. That doesn't mean the Federal Government spending more; it means the Federal Government spending less and creating the kind of progrowth, jobs-oriented economy and legal tax and regulatory structure that will help us grow.

If you look back at the 1990s, when we had a deficit, and even before, when we had stagflation, it was a combination of a growing economy and better fiscal management that got people back to work and got us out of the deficit and to a surplus. We need to do that again. We need this kind of legislation that will help us create a regulatory environment that stimulates business investment, creates jobs, gets people back to work, and gets the economy growing, and then, with good fiscal restraint, will help us get on top of this huge deficit and our debt. It is vitally important for us now, and it is vitally important for future generations.

This is an important step in the right direction. I am pleased to cosponsor this legislation with the Senator from Maine. I look forward to hearing her remarks.

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