Driving the Day: 5/23/12

May 23, 2012

Need to know…

  • CBO Says Recession in 2013 Unless Congress Acts on Fiscal Issues. The Congressional Budget Office said yesterday that unless lawmakers act to prevent scheduled tax increases and spending cuts at the end of the year, a recession will likely result in early 2013. It projects that the GDP will contract by 1.3% in the first half of 2013 before growing 2.3% later in the year.
  • Healthcare and Tax Policy Top Small Business Priority List. With only six months until the presidential election, healthcare and tax policy are the two most pressing political issues for small businesses, according to a survey by Manta. Nineteen percent of small business owners feel that healthcare will hurt them more than any other political issue;  17% believe that tax policy will impact them the most, followed by governments regulations at 14%.
  • Bipartisan Group of Senators Introduce Startup Act 2.0. A bipartisan group of senators has introduced legislation to help American businesses hire immigrant workers, particularly those with math and science expertise. Startup Act 2.0 would create two new types of visas, one for foreign students who obtain graduate degrees in science- and math-related fields from American universities, and another that offers permanent residence to immigrants who start successful companies and create jobs in the U.S. The bill is likely to face a tough battle on Capitol Hill.

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