Senate OKs small biz jobs bill
New York (CNNMoney.com) - After months of debate and significant pressure from the White House, the Senate on Thursday passed a $42 billion bill aimed at helping small businesses.
The House passed its own version of the bill about 3 months ago. The Senate's version of the Small Business Jobs Act will now have to go back to the House, where it's expected to pass, before President Obama can sign it into law.
The measure is expected to create 500,000 jobs, according to a Senate summary of the bill. Hiring by small businesses, considered a key driver of job growth, has been shrinking over the last two and a half years.
The bill aims to spur hiring by making credit more available to small businesses. The number of loans has dropped by 17.8% since the second quarter of 2008 and the total value of those loans plunged by $60 billion to $650 billion, according to data from the FDIC.
Without adequate credit, businesses can't grow and hire. The president started pushing for ways to get cheap capital to small businesses nearly a year ago.
What is in the bill: The Small Business Jobs Act authorizes the creation of a $30 billion fund run by the Treasury Department that would deliver ultra-cheap capital to banks with less than $10 billion in assets.
The idea is that community banks do the lion's share of lending to small businesses, and pumping capital into them will get money in the hands of Main Street businesses.
The bill would also provide a slew of tax breaks to encourage investment that will cost $12 billion over a decade, according to a preliminary estimate from the Joint Committee on Taxation.
And the legislation provides $1.5 billion in grants to state lending programs that in turn support loans to small businesses.
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Well pigs do fly because that is what the repubs said would happen before they voted for anything put forth by the dems. It's a miracle!!!!
They're getting help - now it's time for US. The people that work and pay taxes but don't get the corporate loopholes and tax deductons.
But it's socialist overtaking of the good ol' American economy! It can't be allowed to pass!!! So what if it WILL help Americans??? It's a matter of principle!!!!
The lines above are, more or less, what we'll be hearing from GOPers in 3... 2... 1...
PS: 30-YR ARMY VETERAN FOR THE TRUTH! – Your cap sized defense of why you don't see Sarah Palin as a quitter was one of the most hilarious defenses of cowardice I have ever read! Are you sure you're a vet?
It's about time!
Here are the results of the roll call votein the Senarte on this bill to create small business jobs. See for yourself who is trying to move America forward and who is playing politics:
Alphabetical by Senator Name
Akaka (D-HI), Yea
Alexander (R-TN), Nay
Barrasso (R-WY), Nay
Baucus (D-MT), Yea
Bayh (D-IN), Yea
Begich (D-AK), Yea
Bennet (D-CO), Yea
Bennett (R-UT), Nay
Bingaman (D-NM), Yea
Bond (R-MO), Nay
Boxer (D-CA), Yea
Brown (D-OH), Yea
Brown (R-MA), Nay
Brownback (R-KS), Nay
Bunning (R-KY), Nay
Burr (R-NC), Nay
Burris (D-IL), Yea
Cantwell (D-WA), Yea
Cardin (D-MD), Yea
Carper (D-DE), Yea
Casey (D-PA), Yea
Chambliss (R-GA), Nay
Coburn (R-OK), Nay
Cochran (R-MS), Nay
Collins (R-ME), Nay
Conrad (D-ND), Yea
Corker (R-TN), Nay
Cornyn (R-TX), Nay
Crapo (R-ID), Nay
DeMint (R-SC), Nay
Dodd (D-CT), Yea
Dorgan (D-ND), Yea
Durbin (D-IL), Yea
Ensign (R-NV), Nay
Enzi (R-WY), Nay
Feingold (D-WI), Yea
Feinstein (D-CA), Yea
Franken (D-MN), Yea
Gillibrand (D-NY), Yea
Goodwin (D-WV), Yea
Graham (R-SC), Nay
Grassley (R-IA), Nay
Gregg (R-NH), Nay
Hagan (D-NC), Yea
Harkin (D-IA), Yea
Hatch (R-UT), Nay
Hutchison (R-TX), Nay
Inhofe (R-OK), Nay
Inouye (D-HI), Yea
Isakson (R-GA), Nay
Johanns (R-NE), Nay
Johnson (D-SD), Yea
Kaufman (D-DE), Yea
Kerry (D-MA), Yea
Klobuchar (D-MN), Yea
Kohl (D-WI), Yea
Kyl (R-AZ), Nay
Landrieu (D-LA), Yea
Lautenberg (D-NJ), Yea
Leahy (D-VT), Yea
LeMieux (R-FL), Yea
Levin (D-MI), Yea
Lieberman (ID-CT), Yea
Lincoln (D-AR), Yea
Lugar (R-IN), Nay
McCain (R-AZ), Nay
McCaskill (D-MO), Yea
McConnell (R-KY), Nay
Menendez (D-NJ), Yea
Merkley (D-OR), Yea
Mikulski (D-MD), Yea
Murkowski (R-AK), Nay
Murray (D-WA), Yea
Nelson (D-FL), Yea
Nelson (D-NE), Yea
Pryor (D-AR), Yea
Reed (D-RI), Yea
Reid (D-NV), Yea
Risch (R-ID), Nay
Roberts (R-KS), Nay
Rockefeller (D-WV), Yea
Sanders (I-VT), Yea
Schumer (D-NY), Yea
Sessions (R-AL), Nay
Shaheen (D-NH), Yea
Shelby (R-AL), Nay
Snowe (R-ME), Nay
Specter (D-PA), Yea
Stabenow (D-MI), Yea
Tester (D-MT), Yea
Thune (R-SD), Nay
Udall (D-CO), Yea
Udall (D-NM), Yea
Vitter (R-LA), Not Voting
Voinovich (R-OH), Yea
Warner (D-VA), Yea
Webb (D-VA), Yea
Whitehouse (D-RI), Yea
Wicker (R-MS), Nay
Wyden (D-OR), Yea
Excellent job Mr. President and Dems.
Keep pushing hard against the culture of failure.
Yet another example of the [D]s - especially including Reid and Pelosi - doing good for their country. This bill was passed despite much blow-back and swillage from the just-say-no [R]s as they attempted to create negative political consequences to the [D]s from the passage of this bill. With the [D]s, "country first" is just not an empty saying; they actually have the political courage to implement it.
If you think a similar bill would have gotten through a [R] congress, you need to let up on your drug use.
If you think that ANY congress would have been in a position to pass any meaningful legislation to spur an improving economy now in 2010 if a [R] president had been elected in 2008, you need to remove your head from Limbaugh's nether-regions.
This is typical Democrat illogic. Credit from where? We don't have money and the deficit has increased exponentially in two years faster than it did the previous eight. Hiring has decreased and loans have dropped because this country lacks money. We teach our kids to not write checks if there is no money in the account. Laws of math are different inside the beltway; and I guess they're the experts on small businesses even though small businesses tend to exist everywhere else in the country outside the beltway.
Oh well, why not. After all, a health care bill was rammed down our throats that encroached on my constitutional rights forcing me to buy healthcare, the bill was not read by the majority of Congressmen, advocated by a President who smokes, funded by a country with no money and a Treasury headed by a Secretary who doesn't pay taxes.
So much for the Republican bs that Pres. Obama is anti-business.
Again, more proof our President is working for the American people despite all those who are "derelict in their duty" to work for all Americans rather than 2% of the richest Americans. Thank you Mr. President.
Thank you GOP for finally deciding to help America over helping yourselves.
When Wall Street yells "Jump" , the Republicans ask how high. When Main Street and small biz are barely hanging-on...the Republicans play games and pretend to be concerned all of a sudden with spending – even if it is paid for.
and NOT one ounce of credit for its passage to the depicable talipublicans, they belong in hell
Stimulus part three...
TRANSLATION: Democrats triple-down on stupid.
Enjoy the next 40 years in the political wilderness.
What they SHOULD have done from the get-go was instead of bailing out the banks that got us into this mess, SEIZE THEM so the government could loan money to businesses directly!
Will not create any jobs because small business is looking at tax increases and increased regulations plus the health care deformity will cost them to much money. nobummer puts on a show of helping by giving this "stimulus" but will take more than he gives of tax payer money.
very good news for working class.NOW REPUBS JOIN IN OR GET OUT OF THE WAY.
Nothing will make the GOP angrier than something that has a good chance of working.
cnn, why is this not front and center????? after all, it is going to create jobs for the MIDDLE CLASS
Maybe the banks will actually start lending to small business again Now that they have competition.
What!? This is just more money for banks. Banks aren't lending, so the solution is to give banks more money? Money they still won't lend out? Even if they do loan, the banks will tack on sky high interest rates on money they recieved for virtually 0% interest.
This bill passed 61 – 38. Republicans once again preferred to vote "No" than to do anything that will help the economy grow. As a small business owner, I will remember that at the polls in November,.
And where did the 38 no votes come from? The ones that say we should be doing more for small businesses. Hypocrites! Repulsive, Republicans Hypocrites! Party of No! National Socialists, Nazis!
More Money Spent. Lets just sign it over to China and get it over with.
It would be beneficial CNN if you provided what the count was on the vote. And, who, of either party voted against it.