U.S. Chamber: White House Stifling Economic Growth

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WASHINGTON -- Fears that the nation's economy is on the brink of making another turn for the worse are being felt in cities and towns across America.

America's business leaders, in particular, have been criticizing Washington for the nation's weak economy and high unemployment rate.

At a U.S. Chamber of Commerce meeting held in the nation's capital on Wednesday, business leaders specifically blamed Democrats in Congress and the Obama administration for ignoring American's cry for job creation.

"They embarked on a course of rapid government expansion, major tax increases and suffocating regulations," U.S. Chamber of Commerce President Thomas Donohue said.

Business analysts and insiders said the main problem facing businesses is uncertainty about tax policies and changes coming out of Washington - like cap and trade and new financial regulations.

"Uncertainty is the enemy of investment, growth and jobs," Donohue said.

In order to grow the economy, the Chamber suggested lowering tax burdens on businesses and asked for an extension of the Bush tax cuts.

As for reining in the federal deficit, which now tops $1 trillion, Donohue suggested more drilling for oil and gas to generate royalties.

He also said the private sector could put people back to work rebuilding the nation's infrastructure if Congress would remove regulatory roadblocks.

However, Sen. Mary Landrieu, D-La., who chairs the Senate's Small Business Committee, said Democrats are purposefully spending money to keep the economy from collapsing.

"When you're in a depression or a recession, it's very important for the government to spend not to cut back because if the government doesn't spend you're never going to get yourself out of the situation that you're in," she said.

Although it's a strategy that's hurting the president politically, the administration is pushing forward.

This week, Congress is expected to send the president a complicated new 2,300-page bill that places new regulations on the nation's banks.

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Jennifer Wishon is the White House correspondent for CBN News based in the network’s Washington, D.C. Bureau.  Before taking over the White House beat, Jennifer covered Capitol Hill and other national news, from the economy to the 2010 oil spill in the Gulf of Mexico.  Follow Jennifer on Twitter @JenniferWishon and "like" her at Facebook.com/JennWishon.