September 5th, 2010
10:55 AM ET
8 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. Tony

    If this were the Chamber of Commerce supporting the bill, that would be a big deal. But this a buncha nobodies; the National Small Business Association doesn't even have a Wikipedia page. But of course, how typical of CNN to spread propaganda for the Obama administration.

    September 5, 2010 11:02 am at 11:02 am |
  2. paul

    Republicans have once again blocked help for small business just as they have "blocked" over 400 bills in the Senate waiting to be passed. The party of "NO" will not stop until they eliminate the middle class.

    September 5, 2010 11:05 am at 11:05 am |
  3. katiec

    The Chamber of Commerce are radical right wing republicans, big business hiding under their title. Am sure the NSBA would appreciate your calling them a bunch of nobodies.
    Typical republican.

    September 5, 2010 11:15 am at 11:15 am |
  4. Jim Bob

    How many people know that these Bush tax cuts are only for the super-wealthy?

    September 5, 2010 11:17 am at 11:17 am |
  5. NB what?

    Good grief - the NSBA has about as much clout as a stickleback! Great going, CNN - as usual, the spin starts HERE!

    September 5, 2010 11:20 am at 11:20 am |
  6. all of America

    Just another stimulus bill with money stolen from the taxpayers pockets.The bill has a bunch of stuff put in it that has nothing to do with job creation The dems use these bills to slip in things that help the dems and obamas special interest groups. obama and this administration is the most corrupt in history.They will be removed .

    September 5, 2010 11:21 am at 11:21 am |
  7. Debby

    The jobs bill sounds good and keeping the Bush tax cuts would also be a plus.

    September 5, 2010 11:22 am at 11:22 am |
  8. Hugh

    The Bush tax cuts for billionaires must end. The superrich have had their vulgar heyday at the expense of the middle class and the economy.

    September 5, 2010 11:27 am at 11:27 am |
  9. Trolleyfish

    In the GOP handbook, tax cuts are the solution to every problem. This has nothing to do with the economy; it's about protection of the wealthy.

    September 5, 2010 11:29 am at 11:29 am |
  10. kd

    McCrarcken's on crack. Keeping the Bush tax cuts is INSANE. Those tax cuts, along with Bush's wars and all the other idiotic fiscal foolishness he and the Republicans and the poodle Democrats of the 2000s enacted are responsible for the near melt-down of our economy. And people STILL want to keep them. Amazing. It's been proven that the tax cuts are responsible for TRILLIONS of dollars of debt already and will add TRILLIONS more.

    Why do people of modest means vote these vultures in?!?!? You are destroying yourselves!

    September 5, 2010 11:31 am at 11:31 am |
  11. Tim

    As a small minority businessman I do not believe this President is capable of acknowledging that his ideological path has hit a dead end. He is incapable of reversing his present course of punishing hard work and profit. I personally will not consider hiring until this President has completed his single disasterous term.

    September 5, 2010 11:35 am at 11:35 am |
  12. johnrj08

    I don't agree with McCracken on extending the Bush tax cuts for the wealthy. If anything, those tax cuts proved that the upper end of the tax bracket do NOT reinvest this additional income into business. Rather, they used it to speculate in real estate, make foreign investments and add to their family trusts. Almost none of the Bush tax cuts went back into the US economy, and that's the whole issue here. On top of that, these cuts continue to reduce crucial revenue for the federal government and strangle important programs and services.

    Finally, it will be a huge mistake for Obama to assume that Republicans will ever cooperate or compromise with him on this or any other issue. They simply do not want any of his policies to succeed. Period. Agreeing to extend the Bush tax cuts would NOT win their approval of the jobs bill he now wants passed. He made this mistake during the health care reform debate. I hope he doesn't make it again.

    September 5, 2010 11:36 am at 11:36 am |
  13. Lori in Houston

    So how many jobs did the 2001 Bush tax cuts create over the last 9 years? Oh right, we lost millions. And it still haven't been paid for yet! 10 years of unfunded tax cuts and they complain about the deficit? And how will the tax cuts be funded if they are extended? It will be funded out of the SS and medicare budget because that's how the bill was written by the Republicans. It passed via reconciliation rather them with 60 votes & the expiration was scheduled for 2011. CNN should remind viewers/readers of all those details when they mention the Bush Tax cuts of 2001. We the people deserve to know ALL the facts to make informed decisions at election time.

    September 5, 2010 11:37 am at 11:37 am |
  14. Paul

    Look at what these tax cuts have gotten us over the years they have been in effect.

    1: A very large portion of the current deficit is a result of the 1 trillion dollars given away to the richest Americans at the expense of everyone else.

    2: This has done nothing to increase job creation in the past, so what makes anyone think it would in the future.

    3: Its totally self serving for the NSBA to advocate this, as a large number of its more active members are owner proprietors and make 250k + a year, and of course will see their taxes increase back to pre-Bush levels.

    4: Top tax rates are 80% lower now than anytime in the last 80 years, and the middle class rates are higher. A total flip flop of the progressive tax system.

    September 5, 2010 11:37 am at 11:37 am |
  15. Rick in AZ

    It is not in the interest of Republicans to have a bill pass that will actually create jobs. High unemployment equals low wages.

    September 5, 2010 11:39 am at 11:39 am |
  16. Angie

    The jobs bill is a must to bring jobs to the many unemployed Americans.

    However the 2001 Bush Tax Cuts are nothing more than Government Financial Incentives for Corporations to continue Outsourcing American jobs. Eliminating the 2001 Bush Tax Cuts would bring back a lot of American outsourced jobs, thus bring the unemployed numbers way down.

    September 5, 2010 11:40 am at 11:40 am |
  17. Robert

    The tax cuts that will expire will affect all Americans. They are dubbed only for the rich but that isn't the entire truth of the matter. And lets face it – unless a company has the money to invest – the tax credits will mean nothing. It is private sector jobs that are needed and under the Pelosi lead for four years, this has been ignored by the House, Senate and White House with their belief being that government jobs are the answer. Simply not true.

    September 5, 2010 11:40 am at 11:40 am |
  18. S.positive

    only a FOOL will forget that it was the GOP that caused this mess in the first place. FACTS are FACTS no matter how YOU deny it.

    September 5, 2010 11:42 am at 11:42 am |
  19. Walter

    Its the Republicans who are holding up the small business tax cuts, not the Democrats. These local chamber of commerce types need to ween themselves from the Republican Party. It does not look out for them, despite what they have been led to believe.

    September 5, 2010 11:42 am at 11:42 am |
  20. jay

    If the Bush tax cuts create jobs, where are those jobs from the past eight years.

    September 5, 2010 11:43 am at 11:43 am |
  21. dan

    Fastest way to jump this economy is put the money in the hands of the consumers.Not small bussiness.If consumers start buying they will have to add employees.Enough with bailouts and tax breaks for these companys.Like a company is gonna say hey i just got a 5000.00 tax break lets hire a person and pay him 35000.00 with not much demand for his product.

    September 5, 2010 11:50 am at 11:50 am |
  22. DMR

    It is time, likely well past time to end the GWB tax cuts. The primary benefit of these tax cuts was to benefit the wealthy. They typical taxpayer got nearly nothing. If anything, I advocate tax increases for the wealthy. Start by eliminating the GWB tax cuts, and then remove the copy on paying into social Security. Even Warren Buffet has strongly encouraged increasing taxes on the wealthy. The wealthy in the U.S. have has it too good for too long.

    Memo to the NSBA, I own a small business and you DO NOT represent me. To the GOP, do not go away mad, just go away. The "Party of No" has nothing to offer, other than pandering to the extreme right wing. I respected John McCain at one point; now he does nothing more than pander to the extreme right wing. Had McCain picked someone other than Palin to be his running mate, he would likely be President now. Even I would have voted for him. Palin and her loony fringe followers, in reality, have only their self-interest at heart.

    September 5, 2010 11:50 am at 11:50 am |
  23. Jeff Brown in Jersey

    Finally, a voice of reason not out to hurt the President!

    September 5, 2010 11:51 am at 11:51 am |
  24. vic

    Republicans don’t get it

    Rich get tax cut and export the jobs some companies plan to move to Canada because get the visa easy they can hire more foreign workers
    Rich need more profit so their target is cheap labor

    We need jobs

    September 5, 2010 11:51 am at 11:51 am |
  25. InlandEmperor

    Finally.....some exposure of what is really happening with businesses in this country. Speaking with people around the country...and not relying on "talking heads" that have discovers that things indeed are getting better in spite of what some folks would have you believe. This President has stayed the course and the results are very positive. Thank goodness the people of our country will not any longer be mislead by the Bush "lite" neocon brand of mis-information. One only has to look around to see the devastation their policies wreaked on our country...and the world. Keep up the good work Mr President. Our country...and the citizens of the world...appreciate it.

    September 5, 2010 11:53 am at 11:53 am |
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