Rubio Offering Plan to Fire Up US Economy

Image: Rubio Offering Plan to Fire Up US Economy

Monday, 10 Mar 2014 08:17 AM

By Drew MacKenzie

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Sen. Marco Rubio is scheduled Monday to outline proposals to jump-start the economy as he continues his attempt to shift focus from his failed immigration overhaul last year.

In an event hosted by the Kemp Foundation at Google Inc.’s Washington, D.C., office, he will reveal his plans aimed at creating well-paid middle-class jobs and expanding the U.S. economy.

The Florida Republican’s 10 initiatives include a repeal of the ban on crude oil exports and streamlining the regulatory review process for natural gas pipeline development, according to The Wall Street Journal.

He plans a new "trade promotion authority" for the White House, which would facilitate the U.S government brokering trade deals with foreign countries.

Rubio also wants to secure trade deals in the near future with Europe, Latin America, and Asia that would give a shot in the arm to tens of thousands of small U.S. firms.

The senator aims to create a "National Regulatory Budget," which would calculate the total cost of all regulatory processes to the economy and change the system in cases where the regulations hurt the bottom line for American businesses.

His proposals call for sweeping reforms to the tax code, including a decrease in the highest corporate tax rate and to immediately allow companies to deduct all their expenses and expenditures from their taxable income, the Journal reported.

He also plans to step up the liaison between national research agencies and private companies "to bring groundbreaking research to fruition in the marketplace."

Further, Rubio proposes to expand access to the wireless spectrum and sell it to private companies through federal auctions, which he says would keep wireless costs from rising.

Rubio, who is a potential Republican presidential candidate in 2016, wants to rebuild his image after he angered conservatives last year by leading a major overhaul of immigration laws that many on the far right viewed as an amnesty for illegal immigrants.

The son of Cuban immigrants, who was dubbed the "savior of the Republican Party" by Time magazine last year, is having a hard time ingratiating himself with GOP conservatives, The Journal said.

In a straw poll of possible presidential contenders at last week's Conservative Political Action Conference, Rubio came in seventh. Last year, he came in second to Sen. Rand Paul of Kentucky. Paul also came in first this year.

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