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Jobs and the Economy

Senator Warner recognizes that our nation faces real challenges in balancing the need to bring down the federal deficit with the need to invest in our long-term economic prosperity. While working to get our economy back on track, he will remain an advocate for responsible investments and common-sense regulatory reform to improve our nation’s ability to compete in the global economy. Senator Warner will continue to push Congress to address the foreclosure crisis and shore-up the real estate market.  He’ll also use his business experience to look for new ways to keep credit flowing to consumers and small businesses, and to give entrepreneurs access to the capital they need to get new businesses going.  

Senator Warner's Progress:

  • Senator Warner re-introduced the Startup Act 3.0 to encourage investment in new businesses and help accelerate the commercialization of university research. This legislation would also create Entrepreneur Visas and STEM Visas for highly-educated and entrepreneurial immigrants to stay and create jobs in the United States.
  • The Senate Finance Committee passed the bipartisan Startup Innovation Credit  which is based on language included in Senator Warner’s Startup Act 3.0. The Startup Innovation Credit allows startups to claim the popular Research and Development tax credit, helping startups jumpstart the economy by growing their business and creating new jobs.
  • Senator Warner has hosted a series of events across Virginia examining how crowdfunding can be used as a tool to increase startup businesses’ access to capital, and to help grow existing small and medium-sized businesses.
  • Senator Warner co-sponsored the bipartisan Building a Stronger America Act of 2012 (S. 3479) to strengthen the American manufacturing by ensuring that trade laws are enforced and streamlining federal trade and export programs. This legislation included provisions from Senator Warner’s America Recruits Act (S. 1247), a bipartisan effort to create of new manufacturing jobs here in America through competitive grant programs and strengthen worker training and industry certification programs.
  • Senator Warner joined a bipartisan group of Senators to successfully add a key amendment to the Wall Street reform legislation to protect the ability of "angel investors" to support small business startups that will be vital to job creation.

Recent News on Jobs & the Economy

Here is what Senator Warner has been doing recently regarding job creation and economic recovery:

Today, Senator Warner spoke on the floor after the Senate Democratic and Republican leaders announced a bipartisan plan to end the government shutdown and raise the debt ceiling.

Sen. Warner praised the bipartisan compromise but called attention to serious damage done to the economy, especially in his home state of Virginia.

“I'd like some of the folks who advocated these tactics to come down and explain to a restaurant owner down in Hampton, Virginia -- where the 3,500-strong workforce at NASA Langley was reduced through this furlough to seven people -- how their tactics somehow improved the fortunes of that private-sector business,” Senator Warner said.

Senator Warner advised that instead of repeating the uncertainly of the last two weeks, the Senate and House should work together to pass a comprehensive, bipartisan budget.

“We are going to have to roll up our sleeves and recognize that to get this problem behind us, we're going to have to deal with our entitlements. It's going to mean folks on my side  of the aisle are going to have to think about how we preserve  Medicare, Social Security, Medicaid in a way that's affordable over the long haul,” Senator Warner said. “And my friends on the other side of the aisle are going to have to realize what kind of government we want and what kind of government we're going to be willing to pay for.”

Senator Warner concluded that new budget negotiations could be a win for all. “We're going to have to find ways to close some of these loopholes, make our tax code more pro-growth but at the same time generate more revenues than we currently have.”

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