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The president said the small business lending initiative would help business owners “get the credit they need and eliminate capital gains taxes on key investments so they have more incentive to invest right now. And it would accelerate $55 billion of tax relief to encourage American businesses, small and large, to expand their investments over the next 14 months. Unfortunately, this bill has been languishing in the Senate for months, held up by partisan minority that won't even allow it to go to a vote. That makes no sense.”
(from OP article)
A Senate Republican leadership aide said that when the Senate returns, the first legislative vote scheduled will deal with a Republican amendment to the small business bill. The Senate is not scheduled to return until September 13
In his State of the Union address in January, President Obama made the fund for small-business loans a top priority. The measure was supposed to have an easy road to passage, at least when compared with the $700 billion Wall Street bailout and the $787 billion fiscal stimulus package.
The House Financial Services Committee finally passed the bill on a straight party-line vote in late May. A month later, the House passed it, 241-182, with only three Republicans in support and 13 Democrats opposed.
But the fund is still hung up as part of a broader small-business bill that includes other tax incentives.
Originally posted by poet1b
"Can You Guys Still Hear Us?": President Obama Talks Economy Amidst Technical Snafus
Originally posted by poet1b
Other "incentives" which means repub demands for more corporate welfare.
Originally posted by rogerstigers
One can only imagine what the ammendment is.. maybe something that makes the small business act only apply to large MNC's?
Gonna see if I can find the supposed ammendment's text.
Originally posted by poet1bRather than attack me, you should do some research yourself as to why the republicans are blocking legislation to help small business.
Why don't you ask our wonderful Democrat Congress why we're spending billions on jobs for people in Israel and China and not getting anything set up here?
Originally posted by poet1b
We have ten trillion plus in debt created by republicans, in order to finance their free market, steal from the poor schemes, and now that the economy has fallen, as predicted, they refuse to do anything to encourage small business.