Obama and GOP propose plans to salvage economy
November 19th, 2011
06:00 AM ET
9 years ago

Obama and GOP propose plans to salvage economy

Washington (CNN) - Pennsylvania Sen. Pat Toomey in the Republican weekly address Saturday forewarned viewers and listeners that America may soon mirror the current period in Europe he describes as being fraught with economic and social unrest.

"Across the Atlantic, we're watching a fiscal disaster unfold in Europe with social unrest, riots in the streets, governments failing, financial markets imploding and imminent bankruptcy," Toomey said. "Sadly, this is the inevitable result of an extended period of inadequate economic growth and wildly excessive debt."

"I'm concerned that this administration and many in Congress are pursuing the very same policies. With its job-killing taxes and regulations and record-breaking spending, this administration has put us on a path that leads to Europe's destination," Toomey continued.

The Keystone State senator promoted a plan proposed by Republican members of the Joint Select Committee on Deficit Reduction that he said "replaces our current tax code with a simpler and fairer version that will encourage small businesses to expand and hire new workers and encourage creative hardworking Americans to open new businesses."

Toomey said the plan also addresses spending, which he considers another fiscally stifling habit of the current administration.

"Now, in addition to kick-starting our economy with tax reform, our proposal will curb the deficit by cutting spending," Toomey said. "After all, the problem is not that Americans are under-taxed, but that our government overspends."

In his White House weekly address delivered from Indonesia, President Barack Obama said he "was proud to join leaders from some of our nation's top companies as they announced trade deals that will support nearly 130,000 American jobs and potentially increase U.S. exports by up to $39 billion."

"No market is more important to our economic future than the Asia Pacific – a region where our exports already support five million American jobs," Obama said. "We have to restore America's manufacturing might, which is what helped us build the largest middle-class in history."

The president explained he recently "worked with President Medvedev of Russia to pursue trade that would increase exports and jobs for American manufacturers and farmers."

Filed under: Economy • GOP • President Obama • Republicans
soundoff (18 Responses)
  1. vedaortiz

    Sometimes life is unfair and so too goes the labor market for those with out any degree get a degree from High Speed Universities love it

    November 19, 2011 06:14 am at 6:14 am |
  2. fred ca

    Given obama's record 130,000 jobs will translate into 1,300. And the $39 billion will be just enough for the next round of giveaways for his financial owners.

    November 19, 2011 06:54 am at 6:54 am |
  3. Wire Palladin, S. F.

    Each day, the republicans become more and more idiotic. What a disgusting bunch of cretins. No wonder they are only as popular as Hugo Chavez. Do those unfunded republican wars and unfunded Bush tax cuts have anything to with our overspending? ($5.5 trillion national debt during the Bush republican error.

    November 19, 2011 06:56 am at 6:56 am |
  4. Really Stings

    I have a great solution to the economy....STOP SPENDING !!! The most spending president in history trying to get a solution for the problem is like the Nazis putting a committe together trying to find out what happend to the jewish population!

    November 19, 2011 07:07 am at 7:07 am |
  5. Namejkane

    Every student that took economic. 101 knows you Ned more revenue to pay expenses. Every economic professional has said so, that means raising taxes in a fair way. The whole country knows it , except the teapublican crooks that like to hold the county hostage to get their way at the American peoples exspense . I hope your happy next year when you only get. 1% of the vote no matter how hard you try to rig the election in favor of the teabags

    November 19, 2011 07:32 am at 7:32 am |
  6. Clems

    CNN at it again, hiding the presifent's weekly address behind the GOP's, good job! not the least surprised

    November 19, 2011 08:03 am at 8:03 am |
  7. diridi

    please take this wise advise, just Raise Taxes on who make more than 250k or more, bring down corporate tax little bit, because, we need Manufacturing jobs here, Pass all the needed Reforms, that you deem fit, like, who ever ships, i mean any hospital ships, these Electronic Medical Records overseas, just like reading X-Rays, blood-work, etc, to India, just Cancel the license, work on Infrastructure, Jobs, etc, Cut defense spending and bring Iraq war guys soon, and put them on Mexican and Canadian Boarders.....good lucks...

    November 19, 2011 08:13 am at 8:13 am |
  8. diridi

    Obama, Congress do not let you do these for selfish reasons, do these from your "Discretionary powers" of executive branch.....Obama2012.

    November 19, 2011 08:48 am at 8:48 am |
  9. The Greedy Old Pigs have declared class war on US!

    "With its job-killing taxes and regulations and record-breaking spending, this administration has put us on a path that leads to Europe's destination," Toomey continued.

    More warmed over GOBP deathcult manure. Taxes don't kill jobs and tax cuts for the filthy rich certainly do not create them. Regulations do not kill jobs either. The problem is that the GOBP deathcult has no ideas. Tax cuts and deregulation are the only "tool" in their cultist toolbox, and both are proven failures. Not only that, we are headed for a worldwide economic meltdown because the GOBP deathcult's obstruction on regulating derivatives and similar toxic financial products. The potential damage now is even worse than it was in 2008.

    November 19, 2011 09:12 am at 9:12 am |
  10. Rick McDaniel

    It seems ever increasingly obvious, that this country is done. I don't think anyone, in either party has the real desire to solve our problems, nor the willingness to solve them.

    Certainly the people, aren't any more willing to tighten their belts, than Greece is.

    This country is not capable, of saving itself.

    November 19, 2011 09:14 am at 9:14 am |
  11. WiredweirdinSF

    Obama's advisor the corrupt SEIU/ACORN president told him to promote class warfare on the union funded "Occupy" movement (the Flea Party) would support him. So Obozo, doing of course, the corrupt unions bidding is driving the economy to the ground and will steal what is left of our savings and give it to his corrupt union masters and his drug addict, non working, non taxpaying synchophants.

    November 19, 2011 09:35 am at 9:35 am |
  12. bearced

    Can Mr Toomey or any republican please explain to me what is responsible for "record breaking spending". From where I sit I see 2 wars and millions unemployed fro the last administration as the main drivers for spending. Spending absolutly needs to be cut but to blame this administration alone is very disengenuous.

    November 19, 2011 09:38 am at 9:38 am |
  13. LegendRx

    If raising taxes is not a main part of the economic recovery plan, shove it . . . Period. Many, many-many, years has passed, given, tax breaks to the so called job creators, to the point of no taxes imposed, and yet we see no new jobs created in America, only jobs lost. The jobs created were the jobs they, "The Job Creators" shipped over seas. The only way to bring those jobs back to America, is to make it more expensive to conduct business as usually abroad then here in America. Treat these corporations as enemies of the State. Tax them whenever and wherever and has much as, until they return. People, we have the power to make this happen. My future depend on it, your future depend on it and our children future depend on it. Storm the embassy and bring down those walls of Jericho. Sorry, I got a little carried away there. Teehee! But you get the point.

    November 19, 2011 09:43 am at 9:43 am |
  14. cab

    you want to 'restore america's manufacturing might' then you'll have to stop your pursuit of destroying manufacturing in this country mr. President. You say one thing and do another. None of us can afford another 4 years of this regime, none of us.

    November 19, 2011 10:01 am at 10:01 am |
  15. FIELD1stSGT

    This is exactly what Obama desires for America.

    November 19, 2011 10:14 am at 10:14 am |
  16. d

    Gop still equals fear. the mess they put us in is now obamas fault? wow wish i could blame someone else for my actions!

    November 19, 2011 10:23 am at 10:23 am |
  17. Ellen, mn

    In other words, will president Obama give in to republican hostage taking?

    November 19, 2011 10:43 am at 10:43 am |
  18. Liz the First

    'Job killing.' another phrase that sounds scary but is completely false. what kills jobs is big corporations sending our jobs to India and Mexico and wherever else they can get cheap, unprotected labor. and our government is making a horrible mistake not harshly penalizing them for doing so. and replacing bunches of factory workers with a robot doesn't help either. while our population is growing, the number of available jobs shrinks, and the rethugs conspiring to keep unemployment high in order to beat Obama is only making things worse. their crusade to destroy gov't regulation and taxes isn't helping the country recover. if lower taxes meant more jobs, WHERE ARE THE JOBS? THE TAX CUTS FOR MULTI-BILLIONAIRES HAS BEEN IN PLACE SINCE BUSH CUT THEIR TAXES OVER A DECADE AGO!!!

    November 19, 2011 10:56 am at 10:56 am |