CEA is urging the federal government to reduce the deficit by committing to the follow actions:

• End corporate bailouts, including the Troubled Asset Relief Program, that artificially prop up industries, and end “Buy American” and other bailout provisions that reward backward protectionist policies that will hurt America’s ability to compete in the global economy.

• Oppose the Employee Free Choice Act, or “card check,” and other anti-business measures that hurt American employers and infringe on the rights of workers.

• Pass pending free trade agreements, particularly those with Colombia, Panama and South Korea, to boost U.S. exports and let American companies fairly compete with their international trading partners.

• Support the free and open market and promote technology innovation by U.S. companies. When aided by trade, the technology industry will help mend the global economy and drive the creation of new jobs.

WALTHAM, MA -- Worldwide semiconductor revenues will fall nearly 20% this year to $199.2 billion, a drop that will take until at least 2012 to recover from, according to In-Stat. The rebound will be strong and will start next year, however, the research firm says.