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U.S. lawmaker vows to reduce regulation and tax burden on economy

(Xinhua)

08:49, August 23, 2011

WASHINGTON, Aug. 22 (Xinhua) -- U.S. economy is suffering both government debt crisis and job crisis, and the best way to stimulate the economy is to unburden the businesses with less regulation and taxes, a U.S. Congressman said Monday.

"Our country is facing two related but separate crises, the result of decades of fiscal mismanagement by both political parties as well as unsustainble entitlement commitments," said Republican Eric Cantor, leader of the U.S. House majority. "The second is the jobs crisis, which has resulted in painful levels of unemployment and underemployment."

Cantor said that the Obama administration's policies have caused increasing uncertainty to the economy and discourage the businesses from hiring.

He vowed to push Congress to boost economic growth through reducing the regulatory and tax burden.

"We will make sure that Washington policies are less restrictive to businesses small and large," Cantor said.

It was reported that U.S. President Barack Obama will announce proposals to stimulate the economy. The new policies are expected to include payroll tax reduction extension and establishment of infrastructure bank.

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