Jan 23, 2011
Eric Cantor’s “Cut and Grow” Plan is to Cut Regulations for Corporate Special Interests
FACT CHECK: House Republican Leader Eric Cantor’s “Cut and Grow” Plan is to Cut Regulations for Corporate Special Interests and Grow the Wallets of Campaign Contributors
House Republican Leader Eric Cantor invoked House Republicans’ new buzz phrase of “Cut and Grow” on Meet the Press today.
In reality, the House Republican plan is to cut regulations for their corporate special interests donors and grow the size of their wallets and campaign war chests.
“House Republican Leader Eric Cantor and House Republicans love their new ‘cut and grow’ catch phrase but it means cuts to protections against corporate special interests and growing campaign contributions for House Republicans,” said Jesse Ferguson of the Democratic Congressional Campaign Committee. “From protections against Big Banks and their outrageous credit card fees, to health insurance industry denying coverage for children with pre-existing conditions, and even protecting consumers from pollution in our drinking water, House Republicans are doubling down on plans that cut those protections but grow the fat wallets of their campaign contributors.”
Cut Protections from Big Banks Outrageous Credit Card Fees, Grow Wall Street’s Bank Accounts for Contributions. After raking in over $10 million from Wall Street special interests, House Republicans are planning to repeal critical consumer protections against outrageous bank fees and protect middle class families from the abuses of Wall Street that led to our economic collapse.
- In December 2010, Roll Call reported “House Republicans Huddle with Lobbyists to Kill Financial Reform Bill.” [Roll Call, 12/08/10]
- Wall Street donated over $10 million to House Republicans and candidates in the 2010 cycle. [opensecrets.org]
- Republicans plan to repeal Wall Street reforms. “GOP Rep. Michele Bachmann, the tea party favorite from Minnesota, used the first 24 hours of the new Congress to introduce legislation rolling back the landmark Wall Street regulatory law passed just six months ago.” [Wall Street Journal, 1/06/11] Speaker John Boehner has endorsed repeal of the bill. [The Hill, 1/06/11]
Cut Protections from Insurance Company Abuses, Grow Health Insurance Industry Bank Accounts for Contributions. After raking in nearly $8 million in campaign contributions from the insurance industry, including health insurance interests, House Republicans have fought to repeal protect the new health insurance reform law that protects Americans from insurance company abuses. They would allow the insurance industry to deny coverage to children with pre-existing conditions, pregnant women and breast cancer survivors. House Republicans voted to repeal Health Insurance Reform. [H.R. 2, #14, 1/19/11]
Under the Republican repeal effort:
- Insurance companies will once again be able to drop people when they get sick – exactly when coverage is needed most;
- Children with pre-existing conditions will be denied coverage, while insurance companies would again impose devastating annual and lifetime caps;
- Young people will not be able to stay on their parents’ plans until age 26;
- Pregnant women and breast cancer survivors can be denied coverage;
- Seniors will face an increase in their prescription drug costs – millions thrown back into the Medicare Part D Donut Hole. Repeal would deny seniors a 50% discount on prescription drugs, re-creating the devastating coverage gap.
House Republicans and their candidates received $7,903,668 in campaign contributions from the insurance industry, including health insurance companies, for the 2010 campaign. House Republican Leader Eric Cantor received $937,924. [OpenSecrets.org]
Cut Protections for Safe Food, Grow Bank Accounts for Dangerous Food Producers. The majority of House Republicans opposed a measure to strengthen the Food and Drug Administration’s ability to protect consumers from dangerous foods.
The measure would strengthen the Food and Drug Administration’s regulatory power and allow the agency to order mandatory recalls. It is backed by a coalition that includes food producers, grocery manufacturers and consumer organizations; support for an overhaul increased after several high-profile recalls in recent years of contaminated food products, including peanut butter, spinach, eggs and peppers. [CQ Today, 12/21/10]
136 Republicans voted against the final bill. [HR 2751, Vote #661, 12/21/10]
Cut Protections for Safe Drinking Water, Grow Bank Accounts for Big Polluters. House Republicans are backing the elimination of the Environmental Protection Agency that protects consumers from harmful polluters and ensures safe drinking water.
Congressman Mike Simpson of Idaho, the leader of the subcommittee that controls the EPA’s budget said he intends to slash the agency’s funding. [New York Times, 1/10/11]
House Republicans received $5,398,967 in campaign contributions from oil and gas interests in the 2010 campaign. [opensecrets.org]