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Vitter, Fleming discuss debt deal, business growth

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Written by
Michele Marcotte
mmarcotte@shreveporttimes.com

 

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U.S. Sen. David Vitter and U.S. Rep. John Fleming were joined by two businessmen Tuesday to address local residents on topics that included government spending and business growth.

Standing before a packed auditorium at the Louisiana State Exhibit Museum, the group discussed some of the government regulations affecting small and medium businesses and projections on how this summer’s debt reduction deal will pan out.

Vitter said the debt deal does not begin to get its hands around the magnitude of the nation’s spending and debt problem, and more budget cuts are needed. He and Fleming voted against the deal.

He said Congress was informed early on that the deal package needed to lessen the nation’s projected debt burden by $4 trillion over the next 10 years. The deal passed this summer hardly does half that, he said.

Ed Crawford, a Shreveport investment specialist who spoke as part of the panel, said the deal essentially extends the federal government’s borrowing capacity by $2 trillion to pay for expenses exceeding the nation’s tax revenue.

He projected combining future borrowing and the nation’s already established public debt would be the equivalent of a $250,000 debt for all 300 million U.S. residents.

In addition to the debt deal, residents also posed questions pertaining to job creation and business growth.

Fleming said business leaders say they are “frozen” from expanding or building new business until they know how legislation like the health care law will affect them.

“Why would a company invest $10 million in a new factory when you have no clue as to whether you’re going to be able to make a profit or not because Obamacare alone can make the difference between being in the black and being in the red?” he asked.

Construction executive Brett McMahon said one of the most effective things the federal government could do to encourage business investment is to eliminate the National Labor Relations Board, a federal agency that investigates unfair labor practices.

The agency has filed a complaint to force the aviation company to make all of their Dreamliner jets in Washington.

McMahon said more than 20 companies with plans to expand in the United States have put those plans on hold as a result of concern over the incident.

“Their response is simple: ‘If you’ll to do that to Boeing ā€” your largest exporter ā€” what would you do to us?” he said.

 

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Written by demon53

August 17, 2011 at 5:45 pm

Posted in Uncategorized

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