Issue Position: Strengthening the Economy

Issue Position

Strengthening the Economy

Jobs for Virginians
I am deeply concerned about the current economic situation, and every day I talk to folks who are looking for work and trying to make ends meet. I support pro-growth policies that will get folks back to work. Small businesses are the backbone of our economy and create over 70% of the new jobs in this country every year. We need to cut the bureaucratic red-tape that stifles growth and innovation. That is why I was pleased to support the JOBS Act, which provides small businesses relief from harmful regulations and paves the way for small start-ups to create more jobs. I am also a cosponsor of the Hire a Hero Act, Veteran Employment Transition Act, Hiring Heroes Act that would give businesses incentives to hire veterans and ensure that injured service members have access to rehabilitation and vocational benefits.

Reining in Out-of-Control Spending
I am fighting to hold the line on out-of-control spending. We simply cannot afford to keep spending at the current rate, placing the burden on our children and grandchildren. I have voted against increasing the debt limit several times. Increasing the national debt by trillions of dollars only exacerbates the challenges our economy faces both now and in the future.

Some tough decisions will have to be made, and I believe that time is now. I am ready for this challenge but I do not see that there are a majority of members of Congress willing to make these tough decisions to balance our budget. That is why I support the SAFE Commission Act, which would establish a national commission to confront our Nation's long-term fiscal crisis by putting everything -- entitlement spending, tax policy, and all other federal programs -- on the table. Congress would then be required to take an up or down vote on the commission's recommendation.

I support and have cosponsored legislation that proposes a balanced budget amendment to the U.S. Constitution. I believe that the federal government should have to budget just like American families have to make ends meet.

We need to prioritize spending and expose the waste, fraud and abuse in Washington. It is time to return to the conservative principle of controlling spending, and part of this includes earmark reform. There is no doubt that the earmark process is broken. I led the way in fighting for earmark reform and the Republican Conference followed my lead to not to submit any earmark requests this session. I will continue to work to reform the annual appropriations process as we must move to cut deficit spending and balance the budget.

Tax Reform
I believe one of the things Congress can do to spur job growth and help alleviate this economic downturn is to reform the tax code for families and small businesses to make it simpler and fairer. I am a cosponsor of legislation that would place a 2-year moratorium on capital gains and dividends taxes, cut the payroll tax rate and the self-employed tax rate in half for two years, and reduce the lowest income brackets by 5% each. I am a cosponsor of legislation to allow small businesses with less than 500 employees to take a tax deduction equal to 20% of their active business income (H.R. 9). I am also a cosponsor of legislation that would repeal the estate tax and the individual alternative minimum tax.

Expanding Broadband
I support broadband deployment to under-served and un-served areas, which I believe is a vital contributor to economic development and job growth. Since being elected to Congress, I have supported localities and organizations in the First District in their efforts to secure funding through the broadband grant application process. I have also hosted Broadband Roundtables which bring together stakeholders at the local, state, and federal levels to provide folks with an update on expansion efforts and to discuss what future steps need to be taken.

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