Business Looks to Republicans to Block Rules, Taxes
November 03, 2010, 11:12 AM EDT
By Mark Drajem
Nov. 3 (Bloomberg) -- The Republican victories in Congress mean U.S. companies from Goldman Sachs Group Inc. to Wellpoint Inc. may be able to weaken or block what they consider President Barack Obama’s anti-business policies on health care, the environment, taxes and financial reform.
Republicans retook the House of Representatives yesterday with a gain of at least 60 seats, their biggest increase since 1938. The party will use its first majority in the House since 2006 to try to eliminate funding for parts of Obama’s health care bill opposed by business as well as curb regulations and government spending, Jay Timmons, senior vice president of the National Association of Manufacturers, a Washington-based lobbying group, said in an interview before the election.
“Americans voted for jobs and economic growth” and “resoundingly rejected” Obama policies, Thomas Donohue, president of the U.S. Chamber of Commerce, the biggest business lobbying group, said in a statement last night.
Republicans also scored a net gain of at least six seats in the Senate, though Democrats retained control of that body.
The results will bolster Republican efforts to extend Bush- era tax cuts for those earning more than $250,000 and to defeat Obama’s proposals to increase taxes on companies’ overseas profits....
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