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. dc

    For all of you who think the gov't has the right to take more and more of your money (taxes) and inefficiently spend it on so many idiotic things, feel free to hand over your whole pay check. No one is stopping you from giving the gov't more than they ask of you. The almost 50% of all Americans who pay NO income tax are probably the ones who want the gov't to take even more from the 50% who do pay the income taxes. It's easy to take the tax and spend road when you are not the one footing the bill.

    July 28, 2010 05:53 pm at 5:53 pm |
  2. john

    Clearly the Republicans believe that if they destroy the economy, it will be the Democrats whom the people blame.

    July 28, 2010 05:53 pm at 5:53 pm |
  3. MAC

    As long as the Congress pays for it and does not add a bunch of add ons that have nothing to do with small business and creating jobs by small business.

    July 28, 2010 05:53 pm at 5:53 pm |
  4. Anonymous

    Unless it says Republican Small Business bill as a title- they will vote no.

    July 28, 2010 06:00 pm at 6:00 pm |
  5. JES

    I don't trust you and DEM's buddies as far as I can throw a two ton boulder.

    No telling what kind of backroom deals t make to get bills passed that we never see.

    July 28, 2010 06:01 pm at 6:01 pm |
  6. Ephraim Untal

    I don't know where's the disconnect here. $160 billion for Citibank that employs not even 0.1% of the American workforce and will probably out source all their other workforce and only $30 billion for small business employing 2 out of 3 Americans. This just goes to show the frame of mind or pockets of our politicians. Come on this is a no brainer. Provide incentives to small companies and we probably are now in the road to recovery if this was done earlier instead of bailing out those big companies who just made profit for themselves at the expense of the taxpayers money.

    July 28, 2010 06:03 pm at 6:03 pm |
  7. Keith in Austin

    This President is nothing more than a snake oil salesman! He touts the importance of his funding bill for small business loans but at the same time he is orchestrating the ill-advised repeal the Bush tax cuts that will devastate a huge number of them. He wants to impse the biggest tax increase in American history on January 1st 2011.
    Two-faced beyond belief and the majority of Americans now see right through his slick (and fork-tongued) BS

    July 28, 2010 06:03 pm at 6:03 pm |
  8. Peggy - TX

    Republicans are evil. The Republicans machine craves power, so they will not support the President because, they want the economy to fail. Middle class individuals that support the nefarious Republican agenda are gullible.

    July 28, 2010 06:04 pm at 6:04 pm |
  9. Lost in Texas FOREVER

    Mr President you've been in office almost 2 years now and haven't you learned yet that no matter WHAT you ask the Republicans to do the answer is NO???? These guys took their toys and went home from the playground to pout on Jan 20, 2009. You should KNOW that by now sir.

    July 28, 2010 06:07 pm at 6:07 pm |
  10. JIlli

    The republicans won't go along to help small businesses – that would help the economy rebound. The republicans are bound and determine to keep the economy and the public mood down so they can score cheap political points. They want failure for their political successes – so they can again regain control and finish off the economic destruction of this country. Their claims of country first are absolutely laughable. Country falls way down in their list right behind the republican party, the interests of big business and the wealthy.

    I find the actions of the republicans despicable – truly unAmerican – willing and doing everything they can to ruin this president – and take us all down in the process. I cannot support their cheap and transparent actions – it's unAmerican and pathetic.

    They're not fooling anyone.

    July 28, 2010 06:08 pm at 6:08 pm |
  11. Mark from Louisiana

    I don't need a loan for my business, I need customers, this bill won't help with that.

    July 28, 2010 06:12 pm at 6:12 pm |
  12. Ted

    The Grand Obstructionist Party only wants to cut taxes of the wealthy, believing that the Reaganistic trickle down theory works. the trickle down is a yellow stream on the little guys.

    July 28, 2010 06:16 pm at 6:16 pm |
  13. LacrosseMom(the real one)

    Dear Mr. President,

    Please forget trying to get the Republican'ts help with anything! They wont help. Republicans are the Party of NO:

    No ideas, no vision, no morals, no decency, no solutions...... etc.,etc.,

    In NOvember vote NO for the Party of NO!

    July 28, 2010 06:17 pm at 6:17 pm |
  14. Chuck Anaheim, Ca

    Even if there provisions that the national debt would be forgiven without penalty and every child would recieve a free college education at the expense of the chinese, the thugs that call themself republicans would oppose it.

    July 28, 2010 06:33 pm at 6:33 pm |
  15. terbrearo

    He's dropping in the polls, he's going to lose the House. Now he cares about small business? This is a political ploy. Barry, you're an amateur.

    July 28, 2010 06:34 pm at 6:34 pm |
  16. dc

    Those who think the gov't can use money at anywhere near the efficiency of the private sector are in serious need of therapy for the treatment of dilusional thoughts

    July 28, 2010 06:42 pm at 6:42 pm |
  17. no more

    we do not want anymore bills from this administration. Smaller government is what the majority want and will ultimately have after these pigs are run out of office. absolutely the most ignorant and arrogant president in history. Makes carter look like a founding father.

    July 28, 2010 06:48 pm at 6:48 pm |
  18. al in memphis

    There is only one reason the Repubs will not support this– it call we want to back into the white house. IF this bill is DONE RIGHT, they know that small business will create more jobs which will drive down unemployment. If done RIGHT, small businesses which grow with increase tax receipts for the government that will drive federal deficeit.
    Progress in both area will cause them to lose in 2012, and we know that political power is more important than doing what is right for the economy.

    BTW, that $750 billion that was taken by the banks should have been supporting items like this as opposed to paying off foreign banks. We will see how the Repubs opposed this by saying that it will cost too much and we've already taken care of our friends at the big banks.

    July 28, 2010 06:54 pm at 6:54 pm |
  19. no more

    He killed small business with the healthcare bill. The only help we need from this idiot is for him to get out of our way and shut up. anything he gets involved with turns into a disaster. He is like chicken little, THE AUTO INDUSTRY CRISIS, Swine FLU, THE POLICE ARRESTING HIS FRIEND, THE BANK CRISIS , ACORN, HEALTH CARE, THE OIL SPILL.... Experts and history prove he has caused more damage by inserting his anti american theology in each of these issues. He needs to sit down and shut up before his name will be forever viewed as a punchline for a joke. Really who are his advisors? He has put race relations back thirty years and is causing growing tension between the classes in addition to destroying the middle class. HE is the new BOZO THE CLOWN except no one is laughing.

    July 28, 2010 07:12 pm at 7:12 pm |
  20. Naqib

    This is not money for small companies..
    This is money for banks (to loan to small companies)

    Come January when you repeal the tax breaks... these guys are all done. 75% of small owners file as primary... that means they will show over 250K... they will get thrown under the bus...

    Say goodbye to you 1000 child tax credit too... that's gone as well
    And welcome back 55% tax on estate should you die... which means the rich will just move their mony overseas as they did under Carter... or Obama One.... whatever you want to call it

    Either way the Repubs need to say NO to EVERYTHING until after Nov

    July 28, 2010 07:15 pm at 7:15 pm |
  21. they call me "tater salad"

    The problem with Republicans is, they're definition of small business is BP, Haliburton, Blackwater, Exxon/Mobile, Goldman Sachs, AIG, Boeing, ect... That's the only "small business" they're looking out for and anyone who believes otherwise is an absolute moron!!

    July 28, 2010 07:19 pm at 7:19 pm |
  22. RepubNvrAgn

    Perhaps we can have adult discourse when today's Republican Party stops being Anti-American. Small business needs support much more than the top 2% – this is what creates jobs that stay in America, and sows dedication to the improvement of local economies.

    July 28, 2010 07:22 pm at 7:22 pm |
  23. Uncle Sam

    What happened to PAYGO Mr President? How far in debt are we? Taxing us out of this hole is a job killer. The campaign is over its time to start acting like a President.

    July 28, 2010 07:23 pm at 7:23 pm |
  24. B in FL

    For the life of me, I can't believe anyone but those who wear the Repub blinders and are faithful for Faux News, can't see what obstructionists the Repubs have been since the day after the President's Inauguration. They stated their goal off the bat...to bring down the President..and they have done everything possible to do so. They even vote against their own ideas!! Please voters...remember this come November. If we put the same party in charge that was instrumental in our downfall what in the world would make anyone think they've somehow changed. They will just continue on the destructive path they've been on before. I'm really very afraid for the future of our Country because, no matter what "news" source one listens to, I don't believe we get the true story without a political agenda angle thrown in, so none of us really make educated votes.

    July 28, 2010 07:34 pm at 7:34 pm |
  25. Poser

    I see the right wing haters are out in full force today spreading their misinformation.
    1. This is not some secret. Any GOP member that says they couldn't read the bill is lying. Go to congress.gov and "view top ten" or just search for H.R. 5297. The entire text of the bill is posted for the entire world to read. The "I couldn't read it" talking point has gotten very old. The bills are always posted for anyone to read.
    2. How much pork is in the bill? Go READ it. I don't see any.
    3. In terms of the recent Wall Street Reform law, go to congress.gov and search for H.R.4173. The freedom of information applies except for non-public information (private bank information) and except for whistle blowers who report fraud.

    Stop believing and spreading the lies. Take the time to investigate the truth. As for these bills, the information is there if you look.

    July 28, 2010 07:44 pm at 7:44 pm |
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