Eric Cantor: "We will promote common sense solutions proven to work"

In remarks before the Heritage Foundation Wednesday, Republican Whip Eric Cantor (R-VA 7th CD) addressed the economic situation a day before the President's "jobs summit" at the White House. Below are excerpts of the speech:

“…I’m here with you today - to offer a contrasting approach to how Republicans would handle our economic struggles.”

“… Are the policymakers in charge of our government listening? The last 11 months have been spent on an agenda that is out of step with the struggles of the American people. An agenda that expands the reach of government increases the deficit and requires us to borrow even more money from foreign countries.”

“The President and the Democrat Majority have the right to chart their own course. They have all the power. But ignoring the realities of today’s economy and the needs of working families and small businesses only exacerbates our current challenges.”

“I chair the Economic Recovery Solutions Group for House Republicans. This group of Members has been meeting all year on ways to improve the economy. And lately our focus has been on a no-cost jobs plan.”

“So as the President kicks off his jobs summit tomorrow, I would like to highlight some common-sense proposals that we have had under discussion that I believe are worthy of serious consideration by the President and the Congressional Majority. I know there are philosophical differences between the parties, but surely we can agree on a few common-sense things to help get America back to work.”

“Let’s begin with a simple premise: An overactive government did not make America the land of promise, prosperity and opportunity.

First . . . we must tear down self-imposed obstacles to economic growth and wealth creation. Therefore Congress and the Administration should stop the deluge of detrimental rules and regulations.

Second . . . we should agree to block any federal tax increases until unemployment drops below 5 percent. Americans of all political stripes can agree that the government should never raise taxes during periods of high unemployment.

Third . . . we need to restore confidence in America’s economic future. Record deficits and debts – coupled with runaway spending – have shaken confidence in our economic future. Many believe that the only solutions will be higher taxes or inflating the dollar, which promise lasting pain for small businesses and working families.

Fourth . . . we should reform the unemployment system to help people out of work find jobs.

Fifth . . . we need to approve three promising free trade agreements with Colombia, South Korea and Panama that have stalled under the new administration. Recently the President stated that increasing U.S. exports by just 1% would create over 250,000 jobs.

Sixth . . . we must take action to reduce regulatory and tax barriers that inhibit domestic job creation.

Finally, we must deal swiftly and honestly with the looming commercial real estate collapse. Congress should move to give bank regulators incentives to deal responsibly with banks and their borrowers.

These are seven simple solutions that don’t involve massive new government spending, new bureaucracies, or more debt. They are based on time-honored principles proven to create jobs and ultimately economic prosperity in America.”

“The contrast between our conservative vision and the policies being pursued by those in charge is stark. While they push for driving us deeper into debt, we will stand for the virtues of restraint. While they seek to expand government control, we will promote common sense solutions proven to work.”

Immediately afterwards, he talked with media to address questions about his economic approach.