July 28th, 2010
04:24 PM ET
10 years ago

Obama urges GOP to back bill aiding small businesses

President Obama delivers a speech at a New Jersey sandwich shop.

President Obama delivers a speech at a New Jersey sandwich shop.

(CNN) - President Barack Obama on Wednesday challenged Senate Republicans to back a bill that would help small businesses, calling its provisions "things the Republican Party has said it supported for years."

Speaking at a New Jersey sandwich shop, Obama said the bill would help people like the shop's owners and other small-business operators by easing their tax burden and helping them get more credit.

"Surely, Democrats and Republicans ought to be able to agree on this bill," Obama said.

The president was surrounded by a group of local small-business owners, including the owners of the Tastee Sub Shop in Edison, New Jersey, where Obama bought a sandwich.

"This town, Edison, is name after somebody who was not only one of history's greatest inventors but also a pretty savvy small-business owner," Obama said of Thomas Edison, the inventor of the incandescent light bulb.

Calling small businesses "the backbone" of the nation, he said they generate two of every three U.S. jobs and allow people to pursue entrepreneurial dreams essential to the American spirit.

The small-business bill before the Senate would set up a $30 billion lending fund to help community banks offer small businesses credit. It also would provide tax breaks to small businesses that invest in new equipment and hire unemployed workers. The House passed a similar bill in June.

Republican opposition has focused on the cost of the measure, but Obama said Wednesday that the real reason is to obstruct progress for short-term political gain.

"We've seen a fair amount of obstruction that's had more to do with gaining political advantage than helping the country," Obama said.

The purpose of the small-business bill is to help entrepreneurs succeed, not prop them up, he said, adding: "Government can't guarantee success, but it can knock down barriers that keep entrepreneurs from opening or expanding."

"If this bill becomes law, small businesses and startups will see the positive benefits right away," Obama said, noting that it would eliminate
capital gains taxes for key investments and allow small businesses to write off appreciation on new equipment.

"This is as American as apple pie," Obama said of the bill.


Filed under: issues • Jobs • President Obama
soundoff (81 Responses)
  1. Liz the First

    Good luck with that, Mr. President. if you pushed a bill to outlaw abortion and execute gays, the party of NO would vote against it just because you were for it. the rethugs talk big about helping small businesses. let's see if they put their votes where their mouths are or whether they'll just continue their obstructionism and monumental hypocrisy. But thank you for trying to do as much good for this country as you can in the face of all this mindless hate and totally unfounded criticism from the fearmongering lizard-brains. they don't speak for the majority of the American people!

    July 28, 2010 04:32 pm at 4:32 pm |
  2. John 1776

    The question is, What else is in the bill? I'm a little spooked after finding out the last bill exempted the SEC from the freedom of information act. What is it that the public is not suppose to know?

    July 28, 2010 04:33 pm at 4:33 pm |
  3. gt

    there is got to be a caught.... is there pork some where in the bill...bet so,,, there usually half truths... just like the unemployment bill,,

    July 28, 2010 04:34 pm at 4:34 pm |
  4. GL

    The small-business bill before the Senate would set up a $30 billion lending fund to help community banks offer small businesses credit. It also would provide tax breaks to small businesses that invest in new equipment and hire unemployed workers. The House passed a similar bill in June.

    Let see if the Repubican are Anti-small business or if they are pro-small business. I guest time will tell.

    July 28, 2010 04:36 pm at 4:36 pm |
  5. Eric

    Why force small a small handful of small business owners to take on loans they don't want?

    Why not just cut out the middle man (the tax man) and let them keep what they own? Same result, no paperwork, no middleman.

    Jobs WILL NOT RETURN as long as the American business owners and entrepreneurs fear their government more than they fear normal business failure.

    July 28, 2010 04:36 pm at 4:36 pm |
  6. Charlie in Maine

    That's good politics Mr. President,

    Push a bill that is good for small business. That is where the jobs will come from. The GOPers always try to pretend they are for small business. So do they love small business more than they hate you? I don't know but if they stand in the way of this because your for it then they will be diminished in the eyes of small business. If they don't block it it will help small business create jobs. That's why it is smart policy and smart politics at the same time.

    July 28, 2010 04:37 pm at 4:37 pm |
  7. Pragmatic

    "Republican opposition has focused on the cost of the measure..."

    Let's see ... no republican concern about the cost of 2 wars (never in the budget) or the unfunded Medicare program...

    Now the Deficit (chicken) hawks are howling that no money should be spent on extending unemployment benefits with nearly 10% unemployment – now they don't want to spend money to help small business get loans!

    What do they want? Keep the Bush tax cuts for the wealthy going and continue those huge oil subsidies! I try not to hate other Americans but the GOP sure makes it difficult!

    July 28, 2010 04:37 pm at 4:37 pm |
  8. b. o. stinks

    how much PORK is in the bill

    July 28, 2010 04:37 pm at 4:37 pm |
  9. GL

    The small-business bill before the Senate would set up a $30 billion lending fund to help community banks offer small businesses credit. It also would provide tax breaks to small businesses that invest in new equipment and hire unemployed workers. The House passed a similar bill in June.

    This is good since the big greedy banks that got our money will not start leaning to small business even though they are making high profits. If the big banks won't do it why not let Government do it.

    July 28, 2010 04:39 pm at 4:39 pm |
  10. annie s

    Please Mr. president – can we stop asking Republicans to do anything that actually helps Americans. They are too busy trying to destroy YOU to actually act with any integrity or empathy.

    July 28, 2010 04:39 pm at 4:39 pm |
  11. Donald

    Lets see repubs just yesterday u guys jump out ur seat to vote 4 military spending, lets what u got to say about this. damn we already know, its going to bankrupt us.. just how did we pay 4 iraq, medicare d, 2001 & 2003 tax cuts? I just wonder why repubs & so called cons are so against helping fellow americans but all for blowing up another country. Its people out here hurting and the gop dont give a damn. i'll take dems spending money here at home to help folks n need anydax than repubs. No we cant spend our way this but damn atleast help those who need help survive.

    July 28, 2010 04:39 pm at 4:39 pm |
  12. thor

    The words don't match the rhetoric !!!!Nice photo.

    July 28, 2010 04:41 pm at 4:41 pm |
  13. Augsbee

    Not really, the tax credits don't help my business as do tax breaks. Huge difference between a Tax Credit which is a coupon towards your year-end taxes and you still pay the difference and you have to qualify for it and a Tax Break which means you pay less taxes through out the year and year-end taxes leaving you with money in the checkbook to work with. If you don't believe me, call your local IRS office, look it up in the IRS website in small businesses or ask your CPA and they will explain it so to you. Tax credit for hiring a new employee is too small of a credit to make up for a year's salary plus benefits.

    July 28, 2010 04:41 pm at 4:41 pm |
  14. Joey Tx

    Why would the Republicans support this bill? Of course they want the President to fail; no matter what it takes. When they raise argument about how much it cost, they never have a problem giving big business tax breaks. Here is one you would think they would go for but instead result to failed arguments of the past. I regret voting Republican in 2004. They are viscious and don't deserve to serve the American people.

    July 28, 2010 04:44 pm at 4:44 pm |
  15. Hugo

    The president was surrounded by a group of local small-business owners, including the owners of the Tastee Sub Shop in Edison, New Jersey, where Obama bought a sandwich.
    _________________________________
    Let me guess, it was a giant PORK sandwich and he paid for it with our tax dollars, right? Should the GOP back it, I guess it just depends on what the lying sneaking tax cheating Dems hid in the extra fine print...

    July 28, 2010 04:45 pm at 4:45 pm |
  16. JP

    If Obama wants to help small business why is he supporting a 1.4 billion tax break for the trial lawyers that will help to fund even more lawsuits. Lawsuits help to destroy small business. When you give a tax break to something you are subsidizing it so you get more of it. I guess to Obama the trial lawyers are more important than the taxpayers that is why he wants to borrow 1.4 billion from China to give to the trial lawyers that your kids have to pay back. Hows that hope & change thing working for you.

    July 28, 2010 04:47 pm at 4:47 pm |
  17. Orlando Patriot

    Before you ask the GOP to support a bill LET US READ THE BLOOMING THING FIRST!! You are such an arrogant and incompetent president you are embarassing our great country. NOT ONCE have you let the Republican Party READ anything you want passed. What do we hear? "It needs to be passed and has some good things but you won't have the ability to read until it is passed". Obam, do you think the American people are stupid?

    Do you think we have the inability to see what a corrupt and useless president you are? Let us read it, have an open debate (or in your words "transparency") THEN we can discuss passing. From the experience we have seen of AWFUL stuff in these bills AFTER they are passed I don't trust you any farther than I can throw you!!

    July 28, 2010 04:49 pm at 4:49 pm |
  18. Naqib

    Ha...
    Lot of good a tax break on equipment will do when you repeal the tax breaks and force them all into the red...
    30 billion for banks (that they get to lend with interest to buisness)...
    You did that before with 700 Billion and it did nothing...

    Nov can't come fast enough

    July 28, 2010 04:50 pm at 4:50 pm |
  19. La Piovra

    I forget who said nobody hates small business like big business, but you know who the party of big business is.

    July 28, 2010 04:55 pm at 4:55 pm |
  20. Dominican mama 4 Obama

    Let's see how the GObP will two-step around this one.

    Good strategy calling them out for the past couple of weeks Mr. President. Let them defend their opposition to this bill to the general public, especially in light of the fact that they were for it not long ago.

    I also think that your healthcare commercial is a great one; as well as your appearance on The View. Let the people hear from you as often as they can. That is your strenght. Do not let them keep you cooped up in the WH. Get out to the amongst the people. We're electing you again for a second term, do not doubt it.

    Obama 2012. Period.

    July 28, 2010 04:56 pm at 4:56 pm |
  21. vic

    President you are asking wrong people to support the bill. Republicans will support the bill which benefits wall street

    July 28, 2010 04:58 pm at 4:58 pm |
  22. Larry

    He speaketh with forked tongue. He is slandering and trashing business along with his standard divisive populist fare every speech and now its support small business. Its one thing one day and another the next. Leave all the other trash out the bill for the leg breakers at the SEIU and the ambulance chasing lawyers and I am sure the GOP will support it.

    July 28, 2010 05:00 pm at 5:00 pm |
  23. Dominican mama 4 Obama

    @ Orlando Patriot

    You are such an arrogant and incompetent president you are embarassing our great country.
    -------------------------------–

    Dude..are you okay?! This is not the first time that I've read your rants against our President. I think however that your blood-pressure level is so high that you are confusing Obama with the arrogant and incompetent Mission Accomplished, The Fundamentals of Our Economy are Fine George W. Bush.

    July 28, 2010 05:03 pm at 5:03 pm |
  24. thor

    I think Obama would be better at selling sub sandwiches than being president. I know personally that he's good at selling snake oil !!

    July 28, 2010 05:06 pm at 5:06 pm |
  25. NVa Native

    The Repubs don't give a damn about middle or working class Americans, or small business owners.
    They only care about the profits of corporate America.

    All the Repubs care about are the Bush/Cheney TAX SUBSIDIES for the wealthy 2%. A scheme that didn't work as evidenced by our destroyed economy. The Repubs are pushing the same failed Bush/Cheney policies and ideology that brought so much pain and destruction to middle class and small business owners of America – think they deserve to be trusted and back in power??

    July 28, 2010 05:06 pm at 5:06 pm |
1 2 3 4