A group of Senate Republicans marched out their own jobs plan Thursday in a direct challenge to President Obama, who has been blasting Congress for not passing his jobs bill.
Republican senators John McCain and Rand Paul introduced the “Jobs Through Growth Act” at a press briefing Thursday afternoon, calling for a host of regulatory and spending measures they say will spur job growth in the country.
The agenda includes many ideas Republicans have already floated, such as a balanced budget amendment to the Constitution, a reduced corporate income tax and line-item veto power for the president, which would allow the White House to nix aspects of a bill without vetoing the entire thing.
On the tax front, the Republican proposal calls for reducing the top corporate tax rate to 25 percent, reducing individual income tax rates to a maximum of 25 percent (with no more than three marginal rates) and creating a permanent incentive for companies to bring overseas earnings back to the U.S.
Republicans are also calling for an end to “job-killing regulations.” The proposal would also repeal Obama’s health care reform and put a moratorium on all federal regulations until the unemployment rate reaches pre-recession levels.