Talk Radio News Service: News, Politics, Media

By Linn Grubbstrom - Talk Radio News Service

House Majority Leader Steny Hoyer (D-Md.) told reporters Tuesday that a $30 billion fund for small business loans currently under consideration in the House would simplify the conditions for small businesses to acquire capital and would increase their ability to hire new employees.

"All of these are designed to get more money in the hands of small businesses, to expand and to create jobs all over the country," said Hoyer.

President Barack Obama outlined the importance of the fund, as well as a number of other spending measures, in a letter sent to Congressional leaders Saturday evening, and described the fund as a "cost-effective [way] of spurring job creation."

Although there has been grumbling on the right that the legislation amounts to a bail out, Hoyer highlighted the fact that small business owners and entrepreneurs support both sides of the aisle and said that Republicans should realize that when Congress votes on the small business legislation this week.

"I hope that the Republicans will come together and support this legislation because there are Republican small businessmen and Democrat small businessmen who are not able to get capital," said Hoyer. "All small businesses are struggling to get capital."