On a vote of 61-38, with all 38 opposing votes being Republicans – the Senate finally passed the Small Business Bill!
If you are a small businessman, and you are still stupid enough to vote Republican this fall…
You deserve to go out of business.
The US Senate Thursday passed a bill providing billions of dollars in aid and tax benefits to small businesses, handing a victory to President Barack Obama in his bid to rekindle economic growth.
The bill, which had been held up for weeks by Republicans using procedural tactics, passed by a vote of 61 to 38.
Two Republican senators, George Voinovich and George LeMieux, joined the Democratic majority in voting for the bill, which most Republicans argued was yet another government-sponsored bailout.
Obama thanked the Senate for “finally passing” a bill held up by months of “partisan delay.”
“It’s going to make a difference in millions of small business owners across the country, who are going to benefit from tax breaks and additional lending, so companies have capital to grow and hire, and this is really welcome news.”
The measure would provide 30 billion dollars in loans for small businesses and another 12 billion in tax breaks including investment credits.
The president and Democrats argued that the measure could help spur up to 500,000 jobs.
Arizona senator Harry Reid, the Senate’s top Democrat, said the bill would help the economy by offering “tax relief and greater access to capital” for small businesses.
“This timely support for small businesses, which is fully paid-for and won’t add one dime to the deficit, should create hundreds of thousands of jobs,” he said.
The House of Representatives, which adopted a similar measure in June, is expected to pass the Senate version of the bill to send to the president.
Obama this week welcomed the end of the stalemate on the bill, although he took a dig at Republicans, accusing them of staging a “months-long partisan blockade.”