Wednesday
Mar042009
Small business was big business in Geithner hearing
by Christina Lovato, University of New Mexico-Talk Radio News Service
“This is a very good budget, because it’s an honest budget...Now just because this is an honest budget does not mean that this is an easy budget. The budget presents some difficult realities, and it presents some hard choices.” said Senate Finance Committee Chairman, Max Baucus (D-Mont).
Today in the Senate Finance Committee meeting, U.S. Treasury Secretary Timothy Geithner testified and expressed why President Obama’s budget plan will work. "We are absolutely committed to working with you on how to produce a package of reforms that meets the President's broad principles in a way that is fiscally responsible for the country...We wanted to put on the table, to improve the credibility of our commitment to do this, concrete proposals that would achieve that.” Geithner stated.
Senator Chuck Grassley (R-IA) said that in 2007 small business created 74% of new jobs. “I don’t understand why you would charge small business operators more than you would charge corporations...I want to emphasize for the Secretary over half are between 20 and 500 employees. Those larger small businesses are also businesses most likely to expand or contract depending on business conditions.” he stated.
In addition to discussions about small business, taxes, and health care reform, Geithner expressed two critical functions that the government must accomplish to get the economy back on track. “We need to make sure that banks have the resources needed to provide credit to the economy...The basic machinery necessary for credit to work in our country is broken in some respects, the pipes are clogged...So a critical second part of our program is to act directly to get credit flowing again to get those markets to start opening up. The entire small business lending market, the auto finance market, the student loan market, the consumer credit markets depend on that machinery.” Geithner concluded.
“This is a very good budget, because it’s an honest budget...Now just because this is an honest budget does not mean that this is an easy budget. The budget presents some difficult realities, and it presents some hard choices.” said Senate Finance Committee Chairman, Max Baucus (D-Mont).
Today in the Senate Finance Committee meeting, U.S. Treasury Secretary Timothy Geithner testified and expressed why President Obama’s budget plan will work. "We are absolutely committed to working with you on how to produce a package of reforms that meets the President's broad principles in a way that is fiscally responsible for the country...We wanted to put on the table, to improve the credibility of our commitment to do this, concrete proposals that would achieve that.” Geithner stated.
Senator Chuck Grassley (R-IA) said that in 2007 small business created 74% of new jobs. “I don’t understand why you would charge small business operators more than you would charge corporations...I want to emphasize for the Secretary over half are between 20 and 500 employees. Those larger small businesses are also businesses most likely to expand or contract depending on business conditions.” he stated.
In addition to discussions about small business, taxes, and health care reform, Geithner expressed two critical functions that the government must accomplish to get the economy back on track. “We need to make sure that banks have the resources needed to provide credit to the economy...The basic machinery necessary for credit to work in our country is broken in some respects, the pipes are clogged...So a critical second part of our program is to act directly to get credit flowing again to get those markets to start opening up. The entire small business lending market, the auto finance market, the student loan market, the consumer credit markets depend on that machinery.” Geithner concluded.
GOP Women Promote Republican Health Plan, Rail Against Obamacare
GOP Congresswomen and small business owners joined together Friday to voice alarm about the dire consequences of Congress passing the current health care reform bill.
“The Democrat way is not reforming healthcare, it’s destroying it,” said Rep. Michelle Bachman (R-Minn.).
“We are very concerned about the way it jeopardizes the doctor-patient relationship, we’re concerned about the additional debt, the trillions in spending that will add to the children and grandchildren that come after us, but worst of all, it’s going to further hurt our small business owners at a time when our economy is in trouble,” said Rep. Cathy McMorris-Rodgers (R-Wash.).
“President Obama’s prescription for healthcare reform for our nation is the wrong prescription for American families. We do not believe that we should put a federal bureaucrat between the patient and the doctor,” said Rep. Mary Fallin (R-Okla.).
Rep. Marsha Blackburn (R-Tenn.) said Republicans have a plan that addresses costs, access, and insurance company accountability, but her Democratic counterparts will not listen. “We have been pushing forward our ideas, pushing forward our plans. It is unfortunate that the Democrat-led House is not wanting to make this a bipartisan goal of doing healthcare right,” she said.
Rep. Virginia Foxx (R-N.C.) disputed President Obama’s claim that 47 million Americans lack healthcare. “There are no Americans who don’t have healthcare. Everybody in this country has access to healthcare,” she said. “We do have about 7.5 million Americans who want to purchase health insurance who can not afford it,” she said, urging Congress to adopt a new plan for health care reform that won’t “destroy what is good about healthcare in this country” and “give the government control of our lives.”