Small Business Finance News

Obama Says Republicans Standing In The Way Of Small Business Success

Written by Jenna Weiner
Published: 9/22/2010

President takes GOP to task for blocking small business lending bill

According to President Barack Obama, Republican lawmakers have been standing in the way of helping small business owners and not taking into account their needs.

Entrepreneur Mixed Financial Results

In a recent speech, Barack Obama said that the GOP had been playing politics by trying to defeat bills that seek to inject capital into the small business sector. In a speech at the White House, the president said that valuable time had been lost as Republicans tried to do everything in their power to defeat the bill, despite the fact that the initiatives had been paid for.

"While I am grateful for this progress, it should not have taken this long to pass this bill," the president said. "At a time when small business owners are still struggling to make payroll and they’re still holding off hiring, we put together a plan that would give them some tax relief and make it easier for them to take out loans. It’s a bill that’s paid for. It won’t add a dime to the deficit."

Earlier this week, thanks to the support of two Republican Senators, the Senate made news for small business when it passed the Small Business Lending Act, which injects $30 billion into community banks and gives small businesses $12 billion in tax breaks.

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