House Democrats Small Business Act

House Democrats OK small-business bill

By Seth McLaughlin-The Washington Times

House Democrats on Thursday pushed through a plan to ease credit and cut taxes for struggling small businesses, in what was likely their last best bet to improve the jobs picture before the November midterm elections.

The bill, already approved by the Senate, passed the House on a 237-187 vote, with just one Republican, Rep. Walter B. Jones Jr. of North Carolina, voting yes.

Democrats said the bill was a direct response to small-business owners from across the country who told of the difficulties of staying financially afloat and securing loans during the recession and the global financial crunch.

The measure creates a $30 billion Treasury-backed credit facility to boost business lending by smaller community banks and provides $12 billion in tax cuts.

“In the name of America’s small-business people, we will send to President Obama legislation that will unleash hundreds of billions of dollars in loans for America’s small businesses, create half a million new jobs, and provide billions of dollars in tax relief,” House Speaker Nancy Pelosi said.

Mr. Obama said he will sign the “common-sense plan” into law Monday and that it would help provide “loans and cut taxes for millions of small-business owners without adding a dime to our nation’s deficit.”

But House Minority Leader John A. Boehner, Ohio Republican, countered that small businesses have “been punished by the Democrats’ job-killing agenda” over the past 20 months.

“This bill does nothing to help end the uncertainty that is crippling job creation and hurting small businesses,” he said. “Instead, it puts taxpayers on the hook for even more bailouts.”

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