August 6th, 2010
07:45 AM ET
4 years ago

Small biz jobs bill: FAIL

New York (CNNMoney.com) - As mom-and-pop businesses struggle to make ends meet, the latest attempt to help them has gotten mired in Washington politics.

The debate began in October, when President Obama started pushing ways to get cheap capital to small businesses. It continued after his State of the Union address, in which he touted the proposal.

But that didn't go anywhere because of stiff congressional opposition to using money from the TARP bank bailout fund.

Now nearly two months after the administration proposed a new multibillion dollar package of loans and tax credits - with its ties to TARP stripped out - the effort to help small businesses has hit a wall.

Full story


Filed under: CNNMoney.com • Economy • issues • TARP
soundoff (23 Responses)
  1. Fed Up

    TARP funds are not to be used to bail out small businesses. That's what I figured, Seems to me that it is just a slush fund for the businesses that contribute the most to the Democrats. Vote 'em in. Vote 'em out.

    August 6, 2010 08:26 am at 8:26 am |
  2. charlie from the North

    It didn't go anywhere because the GOP is more interested in trying(in vain) to make our President look bad than in helping anybody except their rich friends.

    August 6, 2010 08:36 am at 8:36 am |
  3. awaitingliberalizationbyCNN

    Just saw the latest jobs report, looks like that "summer of prosperity" is like that hopey changey thing, a big lie by an inept, corrupt, unethical, immoral, incompetent administration in an election stolen by the SEIU and its wholly owned subsidiaries AARP and ACORN. His major accomplishment taking credit for the surge in Iraq that he opposed and shoving Obozocare down the throats of hardworking taxpayers. What a great record this corrupt, union toady has.

    August 6, 2010 08:42 am at 8:42 am |
  4. Larry

    Yup, the good old Republican Party Of NO, Obstructionists, Destroy our President regardless of the costs to the county, WALL ...

    Erected and completely supported by your local Republican Senators and Congressman/women

    YES to Big Oil, Insurance, and Wall Street

    NO to this country, it's people, it's future

    The Republican Way ...

    August 6, 2010 08:58 am at 8:58 am |
  5. John

    Why not report the story the way it should be reported. The bill was blocked in the Senate by Republicans.

    August 6, 2010 09:00 am at 9:00 am |
  6. Jim

    Washington is quick to bail out all their money loving buddies but when it comes to us 'Little People' we get nothing. Like the Jerry Reid song says, they got the goldmine and we the people got the shaft!

    These bankers and rich folk who benefited in this recession while we the people lost just about everything we have worked hard for should be identified, flogged then sent to THE FARM!

    It's time the American people stand up and tip the scales in our favor otherwise the middle class will become extinct just like the dinosaurs. America will be a two class society eventually the way that we are going, rich and poor.

    When it comes to the middle class Congress seems to never have the time of day for us 'little people' but when it comes to raising taxes congress has all the time in the world. To the farm all of them!

    August 6, 2010 09:03 am at 9:03 am |
  7. addon

    Another great victory for the un-american GOPeePee-ers. These people are one rank, rash causing, yellow stain on America.

    Do we have a deathwish electing these people? I have a box a nails smarter than the idiots that support these guys.

    August 6, 2010 09:08 am at 9:08 am |
  8. hypocricnnation

    You Must Mean The Efforts Have Hit A Stall (Republican Politics Style!).

    August 6, 2010 09:21 am at 9:21 am |
  9. Brian Dodge

    Typical two-faced Republican political hypocrisy – castigate Obama for failure to create jobs, and voting no on small business to insure that America fails. They care more about politics than people, and only want to continue the blame game.

    By the way, I couldn't help but notice that the "business" reporters who wrote the full story carefully avoided saying who was opposing the help to small business – perhaps to avoid offending the majority Republican business community?

    I wonder if all the "Joe the Plumbers" out there who are hurting will ever figure out that the GOP represents BIG business – for Wall Street Bank and investor bailout, against Joe the homeowner mortgage relief; for deregulation of Big Oil offshore drilling, against protecting Joe the oysterman and the environment on which his business depends; for less inspection and oversight of Big Coal, against Joe the miner's safety; for hiring Haliburton to run the war in Iraq (particularly the part where we torture the enemy), against spending for armored vehicles to protect Joe the soldier.

    August 6, 2010 09:23 am at 9:23 am |
  10. jim

    Tarp money that has been paid back should be use to reduce the nation's debt.Tarp was created to help the banks.It was never intended to be a slush fund or piggybank where dems could tap into for their pet projects without going through the legislative process for funding.

    August 6, 2010 09:28 am at 9:28 am |
  11. Seth

    Why is CNN afraid to say that "the Republicans are Filibustering the Small Business bill".
    C'mon CNN speak the truth and shame the devil.

    August 6, 2010 09:41 am at 9:41 am |
  12. Chessnutz of Liverpool NY

    The reason being is this congress does not care about the people or small business. They are all about the too big to fail business who are lining their election campaign funding.

    The time to clean up both The House and 1/3 the Senate is upon us. Don't vote for the party! It is time the people sent a message to Washington DC we reject politics as usual.

    Fire All incumbents!

    Vote Congress out, “you are fired” if they are in. Vote them out this fall no matter what party they belong to, and in the next election and every election going forward until they become the servants of the people once more.
    This November tell Congress "You Are Fired!"

    August 6, 2010 09:50 am at 9:50 am |
  13. RSB

    Thanks, Congress...for nothing!

    August 6, 2010 09:53 am at 9:53 am |
  14. Black Viper

    Thanks to republicans. If job grows for the american people our party will never come back to power. So let's stall job creation to make Obama look bad.

    August 6, 2010 09:55 am at 9:55 am |
  15. jpmichigan

    Why can't the Obama administration use some of the TARP money to help small businesses? Have they spent all the TARP money on pork? To mush of wasteful spending continues on the Hill and very little practice spending occurs, like helping the 'Mom and Pop" companies. Where are your priorities Mr. Obama? It's the little people who put you and yours in office, it will be those same little people who will hold you and your accountable for this mess!

    August 6, 2010 10:01 am at 10:01 am |
  16. Naqib

    Amazing...
    The Dems want to continue to spend money and give no account what so ever as to how they are paying for it. If the TARP money is right there, and obviously hasn't helped at anything else, why do the Dems want to continue to hord it to protect big buisness instead of putting it out there where small companies could really use it?

    I don't think that is an unfair question...

    August 6, 2010 10:26 am at 10:26 am |
  17. Tinkers Dam

    All the republicans want is for this goofball to find a way to pay for it. The Obamatard wants to do his David Copperfield imitation and create money out of thin air.

    August 6, 2010 10:28 am at 10:28 am |
  18. aunt Bea and Opie

    The republicans dont want the working people to get anywhere while Dems are in power.For them its party over the people so their Corporate scumbags can fleece us for eight more years like Bush did.

    August 6, 2010 10:41 am at 10:41 am |
  19. Jess C

    Classic example of the GOP talking out of both sides of their mouths. This is where their inaction hurts the average American, yet they can stand on the sidelines and blame the Dems for no jobs. NO to GOP; they are not helping the middle class or small business; only pandering to big business.

    August 6, 2010 10:42 am at 10:42 am |
  20. Mitch McConnel's fault

    he was too busy being offended at being mocked and missed the vote

    August 6, 2010 10:43 am at 10:43 am |
  21. Rachael

    Well you can Thank the Republicans for this.......just sitting on your butts and fillabustering and stonewalling isn't going to cut it.........if the GOP would work on what they were sent to Washington to do maybe we would all be better off, but being the Party of NO is going to bury everyone of you......

    August 6, 2010 10:44 am at 10:44 am |
  22. Mikey

    Why help fix the economy when you can pick up a bunch of seats in Congress? A bunch more Americans in bankruptcy is a small price to pay (especially since it isn't them) for a large gain in political power.

    August 6, 2010 10:45 am at 10:45 am |
  23. Keith in Austin

    The gist of Obama's bill is to provide small business loans through banks to hopefully create more jobs.

    The reality is that Small Businesses are trying to stay afloat in a sea of governmental regulations, government, newly-imposed healthcare costs and the certainty of hefty tax increases in January if the Democrats get their way again!

    Capitalism thrives with less government intervention! Socialism defines government control. America will vote for which ideology is preferred this November!

    August 6, 2010 10:47 am at 10:47 am |