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. Melissa

    Just look at the idiot rethug morons posting on here. They won't back Obama's bill, even if its to help businesses because Obama is a Democrat. I'm so sick of the good for nothing rethugs.

    July 28, 2010 05:06 pm at 5:06 pm |
  2. Marcus

    Larry – The fact that he is not white and is the POTUS is enough for some people to be against him, add the fact that he is doing quite the opposite of what his predecessor did PLUS that he is NOT doing what the opposition demands (not asks nor suggest, ORDERS) him to do and you have the 'standard divisive populist' that you claim he has.

    Liz the First – couldn't agree more with you.

    Orland the Patriot – Get your memory medicine pills and swallow them, he tries to meet the GOP to discuss something about a new bill the GOP soimply says 'My way or the highway', over and over again, until he realizes that he has to put the bill (that couldn't be crafted according to the GOP's will because in some cases they forgot to explain how to fund 'their way') to vote...
    And the guys are proud to be labelled as the 'Party of NO'!

    July 28, 2010 05:08 pm at 5:08 pm |
  3. Dawn Ada, Ohio

    Seriously, President Obama??? You actually think Republicans are going to support anything that would benefit anyone who makes under $250,000 a year. This won't happen and when it doesn't I hope people scream so loud Canada hears how tired we are of being screwed over by the Republican Party. And by the way President Obama, Stop urging and start demanding and do it loudly on every show from coast to coast, the Republican constituents need to hear how their party is not really working for them, but the Corporations. I realize they probably won't hear you, but this way they can't blame you for not telling them.

    July 28, 2010 05:09 pm at 5:09 pm |
  4. Sniffit

    Yes, yes GOPers...let the excuses flow thru you. I swear you Limbot parrots would rationalize obstructing a bill promising to repeal all taxes across the board if you thought it would destroy this man. What you don't seem to understand is that the only people who buy into your total BS ideological mouthfarts are the same people over and over and over again. You're not winning new converts and extra votes with this crap. The only thing that's happened to narrow the gap is Obama losing support for failing to (a) do what we voted him into office to do and (b) overcome your complete nonsense and get sh-t done. Anyone who doesn't realize that the GOP/Tealiban's scorched earth policy of "well, if we're going down we're taking you with us" is doing horrifying damage to our society is an easily manipulated, poorly educated, misinformed retard, plain and simple.

    July 28, 2010 05:09 pm at 5:09 pm |
  5. Allen in Hartwell GA

    I'm almost but not quite amazed at the number of people who want to read bills now, but didn't give them second thoughts when Bush was repealing the rights set forth in the Constitution. Maybe the president should lead off every bill he submits with the phrase "this will make us safer and keep nukler weapons away from terrests".

    July 28, 2010 05:14 pm at 5:14 pm |
  6. cranky old white male in WV

    Let's see . . .

    The Repubs keep saying that we should be pro-business. Oh, sorry. That was pro-BIG business. My bad.

    And they claim that letting the Bush tax cuts expire for those making over $250K/year will hurt small business owners. As it turns out, most small business owners won't fall in that bracket after they take legitimate deductions. Don't take my word for it–.read the article on PolitiFact.org.

    So just why is it that people actually listen to the GOP?

    July 28, 2010 05:15 pm at 5:15 pm |
  7. GuyinVA

    Tax credits to a business in the northeast? Just give them cash to pay protection payments to the union/mob thugs, and everyone will be happy.

    July 28, 2010 05:17 pm at 5:17 pm |
  8. Victim of GOP Taliban

    This is old news. Obama already proposed this many months ago. The reason is that banks aren't lending the way they use to before the Wall Street Meltdown. It does make sense to use this plan to help improve the flow of $ to help small businesses grow.

    July 28, 2010 05:17 pm at 5:17 pm |
  9. Tom-Vermillion, Ohio

    I'm sure John Boehner will say hell no to that, somehow the American People don't want it. Can you, Mr. President find a work around?

    PS: I'm still trying to find a way to get Mitch McConnel, John Boehner, Glen Beck, Rus Limbaugh, Sean Hannity, O'Reilly, Ann Coulter, (aw heck you know the ones), deported. I have a few ideas, except I can't think of a country that would take them. I heard Rus is interested in Costa Rica, but I also heard that they're not too sure about this.

    July 28, 2010 05:20 pm at 5:20 pm |
  10. Augsbee

    People, learn to run a business, learn accounting, learn tax laws. You guys have no idea what the difference is between a tax credit and a tax break. Seriously, attend business seminars, read the IRS website, learn business so you will understand how these changes will impact your jobs. This is no laughing matter for businesses.

    July 28, 2010 05:23 pm at 5:23 pm |
  11. Jim in IL

    Even if Obama cured cancer today, the GOP "nopers" wouldn't be happy. Remember, their only agenda item since they have no solutions to offer is for him to fail. At this point, I hope Obama pushes everything he can to get this economy back from the brink that the former greedy GOPers got us in. Even though most of these bills, including health care reform, have been watered down so heavily to appeal to the GOPers, every little bit helps. Keep it up!

    July 28, 2010 05:24 pm at 5:24 pm |
  12. bkbf

    Obama is the most lying anti-American and anti -business president we have ever had. No business trusts him and there will be no jobs until we get rid of the lying tax cheating dems in Nov. and stop Obama from doing any more damage to our country.

    July 28, 2010 05:25 pm at 5:25 pm |
  13. Mike

    This will be a complete failure like everything else he has done.

    July 28, 2010 05:25 pm at 5:25 pm |
  14. southern cousin

    It is probably some sort a trick. If he lets the "Bush tax cuts for the wealthy" expire it affects these same people most of all (can you believe Oboza and the libs lied about that, like they have everything else). If the GOP listened everytime Obozo the incompetent told them they should vote for something, the would have supported Obozocare, which the public is against, the suit against Arizona, which the public is against, the "banking" reform act which most people don't yet know will elimnate their free checking and a whole host of other programs that only serve the unions and the rest of the dope smoking non workers in this country.

    July 28, 2010 05:29 pm at 5:29 pm |
  15. Gil

    That would mean having to say yes and all they want to do is ruin Obama and the heck with America!

    July 28, 2010 05:34 pm at 5:34 pm |
  16. dc

    If Obama would just play by the DEMS own paygo rules, maybe he'd get some cooperation but as long as he keeps digging the hole bigger and bigger and continues to ignore the federal debt and deficit, he is the one being irresponsible and all of you who think he should just keep spending money we don't have and passing on the additional debt to future generations should have your heads examined.

    July 28, 2010 05:36 pm at 5:36 pm |
  17. Augsbee

    Tax breaks for the wealthy actually impact your employer, read how it works, don't you guys get it??? Learn the laws for businesses and how laws apply to its owners. Ask to your employer, CPA.

    July 28, 2010 05:37 pm at 5:37 pm |
  18. Sniffit

    "It is probably some sort a trick. If he lets the "Bush tax cuts for the wealthy" expire it affects these same people most of all (can you believe Oboza and the libs lied about that, like they have everything else). "

    Sorry, but the Beaker McConnell semantic-games talking point that allowing tax breaks that were, from the get-go, wholely irresponsible and inequitable...that allowing them to expire is actually "raising taxes" just doesn't pass the giggle test. Nice try though. You' dhave to be a trisome to not have foreseen that such illogical nincompoopery was exactly what the GOPers/conservatives planned to say, from the get-go, when it came time for the country to put on the big boy pants and stop giving the already-wealthy a tax-BJ. Sorry pal, but the country's jaw is tired.

    July 28, 2010 05:38 pm at 5:38 pm |
  19. Turnabout is Fair Play

    July 28th, 2010 4:34 pm ET

    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,,
    ------------------

    WHAT? HUH? Make sense with your sentences, ninth grade high school failure.

    July 28, 2010 05:40 pm at 5:40 pm |
  20. mj

    Just leave the current tax credits in place. We do not need another "BILL". Your "BILLS" come with a high cost to American Taxpayers. Almost 70% of all businesses are classified as small. Do you honestly believe that they will hire or expand if the few tax breaks they have are cut? Stay with your campaigning – it is what you appear to do best.

    July 28, 2010 05:42 pm at 5:42 pm |
  21. bill

    mr president these retarded repubs.led by mcconel boehner will not back a dam thing you put out there.and we all know why.HOW DOES RACIEST BIGGETS GRAB YOU.ITS THE TRUTH.

    July 28, 2010 05:45 pm at 5:45 pm |
  22. Turnabout is Fair Play

    buckwheat July 28th, 2010 5:37 pm ET

    If Obama was white, would black people still stand behind him on the issues so far? I think not!
    ----------------–

    Your obvious ignorance and racism is right there for all of us to see. You obvious chose to ignore the fact that President Obama is mixed, half white, half black but your bigoted stupidity has made you forget this fact and so you spew Hannity BS and willful ignorance as all neo-con retards do.

    July 28, 2010 05:47 pm at 5:47 pm |
  23. Rickster

    lol...everybody now knows what a useless tool Obama is. Looks like his audience has dropped right along with his approval ratings. He went from 80,000 people at Invesco Stadium down to 5 people at the local sandwich shop. Heckuva job, Barry!

    July 28, 2010 05:49 pm at 5:49 pm |
  24. Republicans is smart in the head area

    The Republicans are preternaturally opposed to anything that Obama suggests. He could state his support for puppies and rainbows and they would immediately start screaming about rabid animals and flooding.

    July 28, 2010 05:52 pm at 5:52 pm |
  25. Augsbee

    to mj – Obama is planning on getting rid of TAX BREAKS, not tax credits, 2 very different things in business. Tax credit you qualify for on specific things only for year-end taxes and you pay the difference. Tax Break on the other hand means you pay less taxes through out the year leaving money in the checkbook to work with. Ask a CPA or ask your boss.

    July 28, 2010 05:53 pm at 5:53 pm |
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