Good morning,

President Obama will spend the day telling Congress what to do - today focusing on small business. The House has long been focused on helping small businesses grow and create jobs. We’ve passed measures that lower taxes on small business job creators and we’ve rolled back the Obama Administration’s harmful regulations that would cripple small business growth. As Leader Cantor said this morning, “We welcome the President's about face and his pledge to help our nation's small businesses. However, his proposals again take a Washington-knows-best approach. Rather than mandating what businesses can and can’t do in order to receive a tax cut as the President suggests, House Republicans have passed a common sense 20% small business tax cut that would allow all small businesses to keep more of their hard earned dollars to invest and hire. Let’s roll up our sleeves and work together to give small businessmen and women the opportunities they need to grow their businesses and create new jobs.”

Today In History: In 1929, the Academy of Motion Picture Arts and Sciences handed out its first awards, at a dinner party for around 250 people held in the Blossom Room of the Roosevelt Hotel in Hollywood, California.

Birthdays: Tucker Carlson, Mike Long, Megan Fox, Janet Jackson, Pierce Brosnan, Tori Spelling, and Liberace

Here are the Top 7 things you need to know today…

1. Happening Today: House To Vote On Violence Against Women Act, Rep. Adams Shares Personal Story About Why It’s So Important. “At an early age I quit high school at 17 and joined the Air Force, married by 18. During the marriage I had a little girl. And I realized really soon that my husband had a penchant for drinking and when he drank he turned very mean, very violent. So we set out on our own, just her and I, me with no high school diploma – no job, just our clothes – and we went out. I worked hard, and we made it…We are here trying to reauthorize a bill that would help all victims of domestic violence, and especially women. I’ve said all along: I want to reauthorize it, I do not want to politicize it. The victims deserve better than that. Americans deserve better than that.” CNN’s The Situation Room

2. Women Focus: American Women & Families Focused On Jobs, The Economy, Health Care Decisions. House Women account for 85 percent of all consumer purchases; they make 85 percent of all health care decisions; they start two out of three new businesses, and for the first time in history, they’re a majority of the U.S. workforce... When Republicans talk about freedom, entrepreneurship, patient-centered health care and fiscal responsibility, most women respond positively. And when Republicans propose policies grounded in those principles — reducing taxes on small businesses, shrinking the deficit through the Ryan plan, and repealing “ObamaCare” — women see that it’s the Republican Party that’s advancing their values, not the Democrats. The Republican Party is the real party of American women. And women have played a huge role in our party’s success. We have a dynamic group of 24 women in the House, including a record nine freshmen. Four of the six women governors today are Republicans. We’re also the only party in the past 25 years to nominate a woman for vice president. American women have a right to be self-confident, and we have a right to be suspicious of politicians who say we should be dependent on government programs. We, the House Republican women, will continue to advocate for the positive solutions that women want — and America needs. Politico Op-Ed

3. Dem Divide: Senate Democrats Have Refused To Produce A Budget For The Past Three Years, Even Moderates Frustrated With Inaction. The Democratic-led Senate on Wednesday is expected to reject all four GOP budget plans, including the contentious House-passed proposal authored by Rep. Paul Ryan (R-Wisc.). A fifth budget, offered by Republicans and based on President Barack Obama 2013 spending blueprint, also will likely fall short of the 50 votes needed to pass, dealing the White House an embarrassing election-year blow. But Democratic leaders have defiantly refused to lay out their own vision for how to deal with federal debt and spending, arguing that last summer’s debt-ceiling deal essentially serves as an actual budget. While a budget resolution is non-binding, they say, the Budget Control Act was signed into law. But a few centrists in the 53-member Democratic conference expressed frustration with their party’s budget inaction. “Anything we can do to force the Senate to deal with the debt is important to do, and the sooner the better,” Sen. Joe Lieberman (I-Conn.), who caucuses with Democrats, told POLITICO. “I don’t think [Democrats] will offer their own budget and I’m disappointed in that.” Politico

4. Pro-Growth: JOBS Act Is “Welcome Tonic” For Companies Driving Growth, Innovation, Job Creation. This important new law contains all the elements needed to breathe new life into an IPO market that had been eviscerated over the past decade. It is an especially welcome tonic for the emerging growth companies that drive U.S. innovation, job creation and economic activity…A research study published by Grant Thornton shows that between 1991 and 2000, the average annual number of U.S. IPOs was 530. Between 2001 and 2010, which includes eight years of Sarbanes-Oxley, that number dropped to 126. For emerging growth companies trying to take the next step in their evolution, the effects were even more devastating. In 1991, more than 80 percent of U.S. IPOs raised gross proceeds of less than $50 million. Today, it is completely inverted, with under 20 percent of all IPOs raising less than $50 million. The JOBS Act seeks to right that wrong by easing much of the regulatory burden for companies with less than $1 billion in revenue that want to tap the capital markets via an IPO. In other words, the vast majority of companies wishing to go public: In 2011, only 15 out of 117 companies (13 percent) that completed an IPO topped the $1 billion of revenue threshold. Beyond lowering the hurdles to an IPO for emerging growth companies, the JOBS Act offers the added benefit of sharply reducing their cost of capital because investors are willing to pay a premium for the liquidity associated with a publicly traded stock. A public company with similar financial attributes to a private company is typically valued two times higher. CNBC

5. Keeping Tabs: Virginia’s Pro-Growth Policies Boost Revenues Without Raising Taxes. On a year-to-date basis, total revenue collections rose 5.9 percent through April, ahead of the annual forecast of 4.6 percent growth, according to Secretary of Finance Richard "Ric" Brown. In addition to individual nonwitholding, individual income tax withholding rose 2.4 percent in April, collections of income tax non-withholding rose 17.5 percent, sales and use tax collections rose 1.4 percent, and collections of corporate income taxes rose 1 percent. Gov. Bob McDonnell's office said a 4.9 percent decline in income tax refunds issued as compared to last April also contributed to growth. McDonnell said in a statement that "it remains too soon to celebrate and lose focus on our fragile economy. We must redouble our efforts to ensure our government is running at peak efficiency, and we must continue to aggressively pursue new business investments and job-creation strategies in Virginia to fan the flames of this recovery and put back to work the 250,000 Virginians still in need of good-paying jobs," he said. Richmond Times-Dispatch

6. Energy Focus: Obama Administration Continues To Block Offshore Energy Development In Virginia & Gulf States, Costing Jobs. By 2010, Virginia was poised to become the first East Coast state to receive permits, which would enable these welcome developments. Unfortunately, that was then… and this is now. Last November, despite strong state bi-partisan and public support, the Obama administration unexpectedly dropped Virginia from the government’s most recent leasing plan altogether, declaring a seven-year delay with little explanation…Virginia isn’t the only Gulf state to be feeling the drilling denial doldrums. The Outer Continental Shelf Governors Coalition of seven coastal states, including Texas and Alaska, sent a letter to the president in April emphasizing the importance of increasing the speed and predictability of permitting and expanding access to new reserves…actions that he could initiate immediately. The Energy Information Administration (EIA) projects that Alaskan offshore development permitting delays will cause production to decrease by more than 200,000 barrels per day this year compared with before President Obama took office. According to the energy research firm HIS-CERA, this will cost between 110,000 and 230,000 lost job opportunities across multiple sectors. Forbes

7. The Road Ahead: Whip McCarthy Announces "American Jobs & Energy Tour” To Highlight Domestic Energy Production. House Majority Whip Kevin McCarthy will roll out the GOP’s summer offensive on energy and gas prices today, aiming to link the season’s traditional cost spikes at the pump to the broader debate over jobs and the economy. During the past several months, the California Republican has been quietly putting together House Republicans’ latest push on energy issues, which will be formally kicked off next week during their American Energy and Jobs Tour. McCarthy is expected to discuss the tour and the GOP’s legislative strategy during today’s weekly Conference meeting, where he will urge Members to attend one of nine regional tours being hosted by members of the House Energy Action Team during the upcoming recess…“The American Energy and Jobs Tour is designed to highlight the importance of increasing domestic energy production. House Republicans will participate in events all over the country to get feedback from small businesses and families about the negative impact of President Obama’s failed energy policies, and discuss how increased production can create jobs, lower energy prices and increase our economic and national security,” McCarthy told Roll Call on Tuesday. Roll Call

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Good morning,

Small businesses are the engine of job creation in our economy. However, in their monthly survey of small businesses, the National Federation of Independent Businesses found that 74% of small business owners did not hire in April. Today, Bernie Marcus the co-founder of Home Depot writes, “Small businesses create two out of every three new jobs in America. When small businesses struggle, the entire economy suffers. Rather than encouraging economic growth, policies from Washington are making it difficult for small businesses to grow into bigger businesses. Massive government expansion into health care, banking and a wide variety of other areas has become a major hurdle to job creation — and small businesses are being hit the hardest.” While President Obama and Democrats continue to push for more Washington spending they claim will get the economy going, House Republicans remain squarely focused on getting government out of the way and reducing red tape, so small businesses can begin to grow, hire and thrive again.

Today In History: In 1800, President John Adams ordered the federal government to pack up and leave Philadelphia and set up shop in the nation's new capital in Washington, D.C. After Congress adjourned its last meeting in Philadelphia, Adams told his cabinet to make sure Congress and all federal offices were up and running smoothly in their new headquarters by June 15. Philadelphia officially ceased to serve as the nation's capital as of June 11, 1800.

Birthdays: Lynn Sweet, Kathleen Sebelius, Madeleine Albright, Roger Ailes, Jamie Lynn Sigler, David Charvet, Emmitt Smith, Jasper Johns

Here are the Top 6 things you need to know today…

1. State of Play: Poll: More Optimism About The Economy, Still An Overwhelming 71 Percent Rate The Economy As 'Poor'. Though an overwhelming 71% rate economic conditions as poor, a 58% majority predict they will be good a year from now. While those surveyed are inclined to say they are worse off financially than a year ago, nearly two-thirds say they think they'll be better off this time next year. The assessment of personal finances already is on the upswing. More than a third report they are better off than they were a year ago - the highest number since before the economic meltdown in 2008. (They're still outnumbered by the four in 10 who say they're worse off, though.) USA Today/Gallup

2. The Economy: Rep. McMorris Rodgers: Economy & Jobs Are The Issues That Women & Families Care About, Republicans Are Focused On Getting People Back To Work. “Republicans are about getting people back to work, that's the best thing that we can do for women, it's the best thing we can do for families. Fifty percent of children right now that are graduating from college are unemployed and underemployed. We have had the longest streak of unemployment since the Great Depression, of high unemployment, over 8 percent. We have a record debt this President has accumulated, $5 trillion in debt. These are the issues that women and families are concerned about and women are the decision makers in the country.” CNN's John King USA

3. Pro-Growth: Rep. Garrett: The Freedom Of The U.S. Capital Markets Is Under Attack. The reason economic growth is stuck in neutral is because the Obama administration is determined to regulate risk out of our capital markets. Put another way, President Obama believes that state-controlled capitalism is the best path to economic prosperity. As a free-market capitalist, I couldn't disagree more with President Obama's vision for America's economy. I believe that market-driven capitalism fueled by free ideas, free people and the freedom to take risk is what creates economic prosperity. Robust economic growth requires healthy and dynamic capital markets, the ability to access credit and some good old-fashioned competition. In the past, policies mindful of basic economics allowed our capital markets to become the deepest and most liquid in the world. In fact, our capital markets became the envy of the world specifically because government got out of the way so that they could flourish and grow. Investor’s Business Daily

4. Small Biz: Entrepreneurs & Small Businesses Will Generate Growth Needed To Get The Economy Back On Track. A new survey from Manta small business solutions found nearly half (48%) of small business owners believe the GOP is the political party most friendly to their needs…Mitch Marrow, owner of the SPOT Experience in New York City said he is planning to vote for Mitt Romney in the 2012 elections. Marrow who opened his dog sitting company in 2010, said he has not been happy with the current political status quo. “I would hate to see us lose ground and slip back to where we were a year ago,” Marrow said. “We have to take the unnecessary hurdles away from people, like myself, who are willing to be entrepreneurial. Large corporations are not what will pull us out of this current state. It will be the growth of small businesses.” Fox Business

5. Regulatory Row: Small Business Owners Struggle To Survive Amid An Unprecedented Regulatory Onslaught. Since the financial crisis and throughout the sluggish economic recovery, working families and small-business owners have watched as the federal government has engaged in a grand experiment in government-led economic engineering. That experiment has failed...Small businesses create two out of every three new jobs in America. When small businesses struggle, the entire economy suffers. Rather than encouraging economic growth, policies from Washington are making it difficult for small businesses to grow into bigger businesses. Massive government expansion into health care, banking and a wide variety of other areas has become a major hurdle to job creation — and small businesses are being hit the hardest…The Home Depot is the fastest growing retailer in American history, but it wasn't always big. When we started in 1978, we began with two stores. Going from two to more than 2,000 was not easy. In today's environment, I'm not sure we could have started The Home Depot and survived, much less thrived. The time, energy and manpower it takes for small businesses to comply with new and often duplicative rules takes away from their efforts to serve their customers and grow their businesses. Over the past three years, Washington has issued more than 10,000 rules that impose an estimated $16 billion in new costs. Investor’s Business Daily

6. Energy Focus: President Obama’s War On Coal, More Failed Energy Policies. Recent news that President Obama's re-election web page on energy policy didn't include coal on the list of "all of the above" energy sources sparked outrage in coal-producing states like Kentucky, Virginia, West Virginia, Ohio and Pennsylvania. The website had listed oil, natural gas, bio-fuels, wind, solar power and nuclear power but omitted coal, a fossil fuel that left-wing environmental groups despise… Coal accounts for well over one-third of electricity production in most states, and coal mining is a major source of union jobs… The original decision to leave coal off of the list was exposed by Ed Whitfield, the Republican congressman from Kentucky, who called it a "glaring omission" and relentlessly attacked the Obama campaign for putting coal jobs at risk. Mr. Whitfield has made the case that Mr. Obama and the Environmental Protection Agency have been engaged in a "war on coal." He remains "skeptical" that Obama will "do anything to draw on this resource" and continues to fume at new EPA regulations that threaten to put many coal-burning fire plants out of business…Mr. Obama's energy policies are increasingly seen as a failure both in terms of increasing production and reducing prices, and the latest controversy over coal only adds to that perception. Wall Street Journal

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Good morning,

This week, the President will be campaigning up and down the East Coast, attempting to spin his Administration’s record into a list of achievements. In reality, the President’s record on the economy leaves a lot to be desired, especially for college graduates, women and the millions of Americans who are still struggling to find a good job. In fact, economists surveyed by the Wall Street Journal predict the economy will grow at such a subdued pace this year that unemployment will barely budge and the rate of growth will remain too slow to bring down the unemployment rate quickly enough to get people back to work. House Republicans remain committed to pro-growth policies that will create an environment for small businesses to grow and hire again.

Today In History: In 1998, the legendary singer, actor and show-business icon Frank Sinatra died of a heart attack in Los Angeles, at the age of 82. Sinatra emerged from an Italian-American family in Hoboken, New Jersey, to become the first modern superstar of popular music, with an entertainment career that spanned more than five decades.

Birthdays: Rep. Paul Broun, Rep. Erik Paulsen, Seamus Kraft, Mark Zuckerberg, Cate Blanchett, George Lucas, Robert Zemeckis, David Byrne

Here are the Top 5 things you need to know today…

1. State of Play: Economists Forecast Subdued Growth, Remains Too Slow To Bring Down Unemployment Rate Quickly. Forecasters surveyed by The Wall Street Journal expect the economy to grow at such a subdued pace this year that unemployment will barely budge…On average, the 50 respondents, not all of whom answer every question, expect slow but steady growth in 2012, with gross domestic product expanding faster than the first-quarter's 2.2% pace but remaining below 3%. The economy is expected to add about 185,000 jobs a month over the next year. That rate of growth hasn't been seen since 2006, but it remains too slow to bring down the unemployment rate quickly. The jobless rate—at 8.1% in April—isn't seen moving much, ending 2012 at 7.9%. Wall Street Journal

2. The Economy: Higher Taxes Would Cripple Job Creation, Make It Harder For Working Americans. With the expiration of the 2003 tax law at the end of this year, taxes—not only on capital earnings but also on ordinary incomes—will return to the much higher levels that previously existed. This would be devastating to the fragile economic recovery, and to every American still looking for work. Combined with the expiration of temporary payroll tax relief, the United States faces what has now been labeled "taxmageddon"—a fiscal headwind so strong that it threatens a swift return to recession…Policy makers should remember to "do no harm." A reversion to the kind of drastically higher marginal tax rates that existed in the past would be bad enough. It would only add insult to injury to use the economic crisis as an excuse to raise the tax burden on capital formation and thus reduce the lifeblood of America's job creators. Unfortunately, we face that real prospect, as prominent proposals by the administration would triple the top dividend tax rate to nearly 45%, while doubling the top rate on capital gains to 30%. If one intended to cripple job creation, depress stock prices, and lower the value of retirement savings for working Americans, these proposals would be just what we should choose. As taxmageddon looms, let's hope we choose wisely. Wall Street Journal

3. Focus On Women: Rep. Hayworth: President Obama’s Failed Policies Have Hurt Women. Women have suffered in the job market of the past four years. Fewer of them are employed today than when President Obama first took office. Of the 572,000 jobs lost since his inauguration, 567,000 were held by women. Millions of women struggle to find work, while others have given up looking altogether. And Americans who do have jobs are working harder and getting paid less for it. The human toll of the weak economy is alarming. Last year, the poverty rate among women was the highest in 17 years, and more women than men are living in poverty. Adding to the miseries of shrinking or disappearing paychecks, the cost of living and doing business in our Hudson Valley becomes ever harder to bear...Women in our United States work too hard and care too much to accept a future for their children, their families, their communities, and their nation that will lead only to debt, dependency, and despair. And they are too smart to be fooled by political rhetoric that seeks to deceive, distract, and divide. They need, above everything, a federal government that will respect them, spare their hard-earned dollars, and protect the individual liberty that is at the heart of the American dream. They need new leadership in Washington. Real Clear Policy

4. The Road Ahead: House GOP To Focus on Defense, Vote On National Defense Authorization Act This Week. After voting to turn off sequestration’s across-the-board cuts to the military last week, House Republicans will look to reinforce their defense bona fides this week on the floor and in the Appropriations Committee. The House will take up the fiscal 2013 National Defense Authorization Act starting Wednesday, which would authorize about $643 billion for national security programs, topping President Barack Obama’s request by nearly $4 billion. At the same time, the Appropriations Committee will take up four subcommittee bills dealing with national security spending, including the defense bill, which also has more funding than the president requested. Roll Call

5. Keeping Tabs: NAM President: House Measure To Reform Ex-Im Bank, Strengthens Manufacturing, Boosts American Products, Creates Jobs. House Majority Leader Eric Cantor of Richmond has broken the gridlock. Elected leaders who are serious about job creation can stave off unilateral economic disarmament of the United States, just as they have united behind the bank many times before...Cantor has charted a path forward that will provide certainty to manufacturers that use the tools provided by the bank and will enhance its ability to support even more jobs and exports. The United States will continue reaping the benefits made possible by the bank...Majority Leader Cantor's effort to extend the bank's charter, which was passed by the House on Wednesday, will strengthen manufacturing, create jobs and help ensure the United States maintains its mantle of economic leadership in an increasingly competitive world. Richmond Times-Dispatch

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Good morning,

This week, the President will be campaigning up and down the East Coast, spinning his Administration’s record into a list of achievements. In reality, the President’s record on the economy leaves a lot to be desired, especially for college graduates, women and the millions of Americans who are still struggling to find a good job. In fact, economists surveyed by the Wall Street Journal predict the economy will grow at such a subdued pace this year that unemployment will barely budge and the rate of growth will remain too slow to bring down the unemployment rate quickly enough to get people back to work. House Republicans remain committed to pro-growth policies that will create an environment for small businesses to grow and hire again. As Leader Cantor told The Hill, “I think all of us are trying to drive towards results and the way that you drive towards results is, especially in an election year where everything is super political and heated, that you really work hard to set aside differences and find areas in which you can work to drive towards results that don’t offend people’s principles or philosophies.”

Today In History: In 1998, the legendary singer, actor and show-business icon Frank Sinatra died of a heart attack in Los Angeles, at the age of 82. Sinatra emerged from an Italian-American family in Hoboken, New Jersey, to become the first modern superstar of popular music, with an entertainment career that spanned more than five decades.

Birthdays: Rep. Paul Broun, Seamus Kraft, Mark Zuckerberg, Cate Blanchett, George Lucas, Robert Zemeckis, David Byrne

Here are the Top 5 things you need to know today…

1. State of Play: Economists Forecast Subdued Growth, Remains Too Slow To Bring Down Unemployment Rate Quickly. Forecasters surveyed by The Wall Street Journal expect the economy to grow at such a subdued pace this year that unemployment will barely budge…On average, the 50 respondents, not all of whom answer every question, expect slow but steady growth in 2012, with gross domestic product expanding faster than the first-quarter's 2.2% pace but remaining below 3%. The economy is expected to add about 185,000 jobs a month over the next year. That rate of growth hasn't been seen since 2006, but it remains too slow to bring down the unemployment rate quickly. The jobless rate—at 8.1% in April—isn't seen moving much, ending 2012 at 7.9%. Wall Street Journal

2. The Economy: Higher Taxes Would Cripple Job Creation, Make It Harder For Working Americans. With the expiration of the 2003 tax law at the end of this year, taxes—not only on capital earnings but also on ordinary incomes—will return to the much higher levels that previously existed. This would be devastating to the fragile economic recovery, and to every American still looking for work. Combined with the expiration of temporary payroll tax relief, the United States faces what has now been labeled "taxmageddon"—a fiscal headwind so strong that it threatens a swift return to recession…Policy makers should remember to "do no harm." A reversion to the kind of drastically higher marginal tax rates that existed in the past would be bad enough. It would only add insult to injury to use the economic crisis as an excuse to raise the tax burden on capital formation and thus reduce the lifeblood of America's job creators. Unfortunately, we face that real prospect, as prominent proposals by the administration would triple the top dividend tax rate to nearly 45%, while doubling the top rate on capital gains to 30%. If one intended to cripple job creation, depress stock prices, and lower the value of retirement savings for working Americans, these proposals would be just what we should choose. As taxmageddon looms, let's hope we choose wisely. Wall Street Journal

3. Focus On Women: Rep. Hayworth: President Obama’s Failed Policies Have Hurt Women. Women have suffered in the job market of the past four years. Fewer of them are employed today than when President Obama first took office. Of the 572,000 jobs lost since his inauguration, 567,000 were held by women. Millions of women struggle to find work, while others have given up looking altogether. And Americans who do have jobs are working harder and getting paid less for it. The human toll of the weak economy is alarming. Last year, the poverty rate among women was the highest in 17 years, and more women than men are living in poverty. Adding to the miseries of shrinking or disappearing paychecks, the cost of living and doing business in our Hudson Valley becomes ever harder to bear...Women in our United States work too hard and care too much to accept a future for their children, their families, their communities, and their nation that will lead only to debt, dependency, and despair. And they are too smart to be fooled by political rhetoric that seeks to deceive, distract, and divide. They need, above everything, a federal government that will respect them, spare their hard-earned dollars, and protect the individual liberty that is at the heart of the American dream. They need new leadership in Washington. Real Clear Policy

4. The Road Ahead: House GOP To Focus on Defense, Vote On National Defense Authorization Act This Week. After voting to turn off sequestration’s across-the-board cuts to the military last week, House Republicans will look to reinforce their defense bona fides this week on the floor and in the Appropriations Committee. The House will take up the fiscal 2013 National Defense Authorization Act starting Wednesday, which would authorize about $643 billion for national security programs, topping President Barack Obama’s request by nearly $4 billion. At the same time, the Appropriations Committee will take up four subcommittee bills dealing with national security spending, including the defense bill, which also has more funding than the president requested. Roll Call

5. Keeping Tabs: NAM President: House Measure To Reform Ex-Im Bank, Strengthens Manufacturing, Boosts American Products, Creates Jobs. House Majority Leader Eric Cantor of Richmond has broken the gridlock. Elected leaders who are serious about job creation can stave off unilateral economic disarmament of the United States, just as they have united behind the bank many times before...Cantor has charted a path forward that will provide certainty to manufacturers that use the tools provided by the bank and will enhance its ability to support even more jobs and exports. The United States will continue reaping the benefits made possible by the bank...Majority Leader Cantor's effort to extend the bank's charter, which was passed by the House on Wednesday, will strengthen manufacturing, create jobs and help ensure the United States maintains its mantle of economic leadership in an increasingly competitive world. Richmond Times-Dispatch

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Good morning,

Yesterday, the House passed our measure to prevent devastating defense cuts and reduce the deficit; once again leading the way with solutions that address our nation’s fiscal challenges. However, we’ve heard nothing but crickets from the White House. As the Washington Post writes this morning, “the President’s studied disinterest in the topic is disturbing. House Majority Leader Rep. Eric Cantor (R-Va.) hit the nail on the head in a written statement when he said, ‘Unfortunately, the President and his party seem to be choosing to sit idly by and let the devastating cuts in the sequester take effect, rather than putting forward a plan of their own or supporting ours. The House has offered a plan to protect our troops and maintain a robust defense community, and now the Senate must do the same.’ ”

Today In History: In 1981, Bob Marley, the soul and international face of reggae music, died in a Miami, Florida, hospital. He was only 36 years old.

Birthdays: Brian J. Walsh, Steven Moore, Martha Graham, Salvador Dali, Eric Burdon, Cory Monteith, Harriet Quimby, Irving Berlin

Here are the Top 5 things you need to know today…

1. State of Play: House Passes Measure To Prevent Devastating Defense Cuts & Reduce The Deficit, President “AWOL” On Path Forward To Avert Sequester. Now, the president doesn’t quibble with the impact of his cuts. He didn’t fire Panetta, so presumably he doesn’t think his defense secretary misled Congress on the severity of the cuts. He is just not willing to do anything about it. (I know, shocking, isn’t it, that our president wouldn’t want to lead on a critical issue?) The president’s studied disinterest in the topic is disturbing. House Majority Leader Rep. Eric Cantor (R-Va.) hit the nail on the head in a written statement when he said, “Unfortunately, the President and his party seem to be choosing to sit idly by and let the devastating cuts in the sequester take effect, rather than putting forward a plan of their own or supporting ours. The House has offered a plan to protect our troops and maintain a robust defense community, and now the Senate must do the same.” Washington Post

2. The Economy: Americans' Pessimism On Economy Growing, Two-Thirds Call The State of The Economy “Poor.” Americans are growing more pessimistic about the economy and handling it remains President Barack Obama's weak spot and biggest challenge in his bid for a second term, according to a new Associated Press-GfK poll. And the gloomier outlook extends across party lines, including a steep decline in the share of Democrats who call the economy "good," down from 48 percent in February to just 31 percent now. Almost two-thirds of Americans - 65 percent - disapprove of Obama's handling of gas prices, up from 58 percent in February. Nearly half, 44 percent, "strongly disapprove." And just 30 percent said they approve, down from 39 percent in February. These findings come despite a steady decline in gas prices in recent weeks after a surge earlier in the year. The national average for a gallon of gasoline stood at $3.75, down from a 2012 peak of $3.94 on April 1…The poll shows that optimism on an economic recovery earlier this year has all but stalled. The share of Americans describing the economy as "good" dropped 10 points since February, to 20 percent. Two-thirds see the economy as "poor" and about one in seven say it's somewhere in between. And just 22 percent say the economy got better in the past month, down from 28 percent saying so in February. AP

3. The Bumpy Road Ahead: Grim News For College Grads: Only Half Working Full Time, Faced With Less Pay & Deep Debt. For most recent college graduates, these are gloomy times. Only about half are working full-time, with the majority starting with less pay than expected while also dealing with huge student debts. Nearly six in 10 think they’ll end up less financially successful than their elders. It’s a pessimistic outlook from the subjects of a study from Rutgers University, which this spring surveyed hundreds of people who graduated between 2006 and 2011. About 12% are under- or unemployed (many of the rest are volunteers, in the military or still in school)…Four in 10 said they took the work just to get by. Even to get current jobs, a quarter of recent grads said they’ve had to look below their education level and outside their professional fields. Many have also had to accept less-than-optimal hours and go without health benefits. Los Angeles Times

4. Energy Focus: Rising Gas Prices Are Crippling Small Businesses. Soaring fuel prices have left many entrepreneurs and business owners like him facing the same troubling dilemma: Pass on the rising gas prices to customers and risk losing their business or absorb the costs and sacrifice profit margins?.. “If policymakers in Washington do not begin to embrace new energy policies, I believe you will begin to see an increase in small business failures,” Smith said. “Meeting obligations such as payroll, energy consumption and other overhead expenses with diminishing profits becomes unsustainable.” Gasoline prices have soared since the start of the year, rising 20 percent between January and early April. The national average currently sits at $3.76 per gallon, with forecasts calling for a slight increase to $3.79 over the summer (recently revised down from estimates of $3.95 per gallon). Washington Post

5. Keeping Tabs: Chairman Upton: Keystone Pipeline Will Bring Jobs, Greater Energy Independence. The Keystone XL pipeline is good news for jobs, energy security, and, yes, for the environment. Pipelines are the safest, most environmentally sound way to transport oil and gas -- much safer than with trucks, railways or ships. Keystone XL will adhere to new and stronger pipeline safety standards that were signed into law earlier this year, the product of legislation authored by myself and U.S. Rep. John Dingell, reflecting lessons learned from the devastating Enbridge spill here in Michigan two summers ago. The president wants to push this issue past Election Day, but our window of opportunity is closing. The stakes are too high for our economy and energy security for Congress not to act, which is why I will make it a priority to see that Congress creates an immediate path forward for Keystone XL. Detroit Free Press

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