President Expects More From Senate Before August Recess
Friday, July 23, 2010 at 1:11PMPresident Barack Obama told reporters Friday that despite the obstacles that were overcome this week and the changing progress that was made, he hopes the Senate will act swiftly in passing a small business bill before Congress’ August break.
“I hope we can now finish the job and pass the small business jobs plan without delay and without partisan wrangling,” President Obama said.
Earlier this week the Obama administration accomplished its second major legislative victory of the year after the president signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, essentially overhauling the financial regulatory system.
In addition to financial reform, the Obama administration is celebrating the extension of unemployment benefits, renewing them for 2.5 million jobless workers can receive while they look for work.
What is evidently a week filled with progress and change, President Obama said he hopes the Senate has a little more energy to pass a small businesses lending bill before the upcoming recess.
“Our goal is to make sure that people who are looking for a job can find a job,” he said. “That’s why it’s so important for the Senate to pass the additional steps that i’ve asked for, to cut taxes and expand lending for America’s small businesses, our most important engine for hiring and for growth.”
The small business bill will set up a new lending fund that will allow community banks to help local entrepreneurs and will more than double the size of loans these businesses can pull out.
“A small business jobs bill that contains these measures may come up for a final vote in the Senate in the next few days,” Obama said.
Hoyer Urges Republicans To Support Small Business Fund
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."