House Republicans point to almost 30 bills they have passed that are now stalled in the Democratic-controlled Senate. They include boosting offshore oil exploration, easing environmental regulations and forcing construction of the proposed Keystone XL oil pipeline project from Canada to the Gulf of Mexico. All are job creators, Republicans argue.
GOP leaders in the House also plan a vote before Congress recesses for the political party conventions on extending all of former President Bush's tax cuts due to expire Jan. 1. That alone, they say, would give businesses more certainty about their taxes and confidence to hire more people and make job-creating investments. Democrats will try to stop Republicans from forcing a vote on it in the Senate.
In the absence of action on Capitol Hill, some economy-watchers are hoping for the Federal Reserve to step in with a new round of "quantitative easing." That's when the Fed buys Treasury bonds so as to drive interest rates lower. But the 10-year bond is already at a record low as investors worried about Europe have sought the safe haven of U.S. securities.
And this close to the election, the Fed is mindful of the harm it could incur to itself if it's seen as goosing the economy to benefit Obama's election prospects.
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