September 5th, 2010
10:55 AM ET
4 years ago

NSBA president endorses Obama's jobs bill, presses for tax cut extension

(CNN) - The president of the National Small Business Association on Sunday morning endorsed congressional Democrats' and President Obama's small business jobs bill.

The bill will "will free up a lot of credit for small companies at a very low cost of capital for the government," Todd McCracken told Candy Crowley on CNN's State of the Union.

"Putting money in the pockets of both consumers and small business people so they can take advantage of the opportunities when they come along is crucial," McCracken said.

The bill authorizes the creation of a $30 billion lending fund that would deliver ultra-cheap capital to community banks. It also provides $12 billion in tax relief to small businesses between 2010 and 2020, and $1.5 billion in grants to state lending programs.

Senate Republicans blocked the bill from a vote before Congress' August recess. They oppose the bill because they say it doesn't do enough to encourage small businesses to create jobs.

McCracken criticized Obama for not acting earlier.

"We are talking about small business lending now...this should have been on the table a year and a half ago," McCracken said. "And now they are also talking about a payroll tax holiday–we were talking about that also a year and a half ago, and we think something like that should have been in the first stimulus package."

McCracken also said it is the "wrong time" to allow the Bush tax cuts to expire. He agreed with Vice President Joe Biden's recent statement that only a minority of small businesses would be affected by the expiration of the tax cuts, but said the 3 percent that are affected have the greatest potential to create jobs.

"We think that Congress should at least temporarily extend these tax cuts," McCracken said.

"The companies that do pay this tax, and there is a minority of small companies for sure, but the ones that do are the most successful ones who are most likely to be growing jobs and the ones that we want to continue to be successful," McCracken said.

AFL-CIO president Richard Trumka disagreed, arguing, "the vast majority are created by the other 97 percent [of small businesses]."

On "Fox News Sunday," Arizona Sen. John McCain lambasted Democrats for their willingness to allow the tax cuts to expire.

"Let's get the old class warfare out there, let's attack the rich," McCain said.

"… The first thing we need to do is extend the tax cuts that are already out there," McCain said. Americans "have love lost confidence in this president, this administration's ability to get the economy going again."


Filed under: Economy • issues • Jobs • President Obama • Richard Trumka • Todd McCracken
soundoff (37 Responses)
  1. Marcus

    Robert – No one, that is NOT a proven far-righter economist, agrees with you. And they have numbers to back up their claims while those that agree with have not. Get the picture?

    Fact – Tax cuts did not worked as Bush claimed that they would (far from it), added much more money to the deficit than any other cause of the deficit did (for they are unfunded), and finally they give all the numbers to back any claim that the whole 'Reaganomics' isd a failed idea (too bad that we all have to suffer while they are valid).

    September 5, 2010 11:53 am at 11:53 am |
  2. Drunken GOP Drivers want the keys back

    We know why the wingnuts hate the bill,it will help real Americans and Democrats.

    September 5, 2010 11:54 am at 11:54 am |
  3. oilmann

    Summer of Recovery? Recovery of what? Obamas Vacation time... What a joke

    September 5, 2010 11:54 am at 11:54 am |
  4. vegage

    I really do not understand republicans, the say the bill does not do enough to help small business. But you think that blocking the bill will do more to help create jobs than voting for it? Come on republicans, please stop torpedoing the Obama administration just for the hell of politics.

    September 5, 2010 11:57 am at 11:57 am |
  5. colin

    when will republicans and democrats come together and just blame the mexicans?

    September 5, 2010 12:04 pm at 12:04 pm |
  6. MClassman

    I see the comments like the tax cuts are for the richest of the country. But I dont make less than 6 figures and I always had some sort of refund at the end of the year. Of course I did not claim any deductions but I felt I am getting good breaks for child care etc. This amount is my year long savings. If these expire I end up paying more taxes and my savings go down. How many of the people who support the expiration of taxes actually pay taxes?

    September 5, 2010 12:05 pm at 12:05 pm |
  7. MClassman

    Correction for my earlier comment:
    I see the comments like the tax cuts are for the richest of the country. But I dont make MORE than 6 figures and I always had some sort of refund at the end of the year. Of course I did not claim any deductions but I felt I am getting good breaks for child care etc. This amount is my year long savings. If these expire I end up paying more taxes and my savings go down. How many of the people who support the expiration of taxes actually pay taxes?

    September 5, 2010 12:07 pm at 12:07 pm |
  8. jim

    CNN is nothing more than a news(?) organization that's only purpose is to spread information to help dems solidify it's power base.

    September 5, 2010 12:08 pm at 12:08 pm |
  9. works for me

    It's the lies, greed and collusion that's fueling America now. Big business CEOs are adding more duties to present employees to keep from hiring others. It's all about recovering the wealth they once had and believe they are entitled to again.They aren't going to sacrifice a thing. Many of the jobs should openly be there, but they won't part with them. They'll just overwork who they have, knowing damn well that their employees won't say a thing as long, as they're working.

    September 5, 2010 12:17 pm at 12:17 pm |
  10. Clwyd

    OK, Party of NO! Show your words hold a bit of truth! Help the samll businesses that you keep saying you support. When you get tossed in a hole you don't deny the hand put down to you, but you do blame the person, bush and the republicans, who put you there in the first place. Don't say we can't blame you when you want to pass on the blame! You deserve all the blame and no chance to try again come November!

    September 5, 2010 12:24 pm at 12:24 pm |
  11. Tom

    If I were of member of the NSBA I would demand the resignation of McCracken. instead of being an advocate of what small businesses need, he was an apologist for the administration.

    CNN should have found an "opposite" to Trumka who clearly touts the administration line. .....and Candy, let him off the hook constantly by not following up with "yea but" questions.

    Come CNN and Candy. You guys can do alot better.

    September 5, 2010 12:30 pm at 12:30 pm |
  12. Mesa Mick

    And you can hear the re-thug-lie-cants heads exploding all across the land while they murmur...

    "but, but, but you're supposed to be on our side – you gave us tons of money remember! You can't say Obama's economic plans are right...That's un-American and not very chrizz-jun of ya!"

    September 5, 2010 12:34 pm at 12:34 pm |
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