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Cantor's seven economic solutions

From NBC's Mark Murray
At 2:00 pm ET today, House Minority Whip Eric Cantor will give what his aides have billed as a major speech on the economy. According to advance excerpts, Cantor will propose seven ways to boost job creation without spending any federal monies. Those seven ways include stripping some governmental rules and regulations, not increasing income taxes (until the unemployment rate reaches 5%), reforming the unemployment system, and promoting free trade.

"These are seven simple solutions that don't involve massive new government spending, new bureaucracies, or more debt," he is expected to say. "They are based on time-honored principles proven to create jobs and ultimately economic prosperity in America."

Cantor will add, "The contrast between our conservative vision and the policies being pursued by those in charge is stark. While they push for driving us deeper into debt, we will stand for the virtues of restraint. While they seek to expand government control, we will promote common sense solutions proven to work."

The challenge for Cantor and Republicans is that these solutions -- low taxes, free trade, and fewer regulations -- existed during the Bush years, which saw three different economic downturns (in 2001, 2003, and 2008), and which produced the weakest eight-year span for the U.S. economy in decades.