San Francisco (Obama.net)- The economy of the United States of America came crumbling down about two years ago. As numerous American’s lost their jobs and financial savings, the unemployment rate grew and the national debt did as well. As President Barack Obama and his administration have been fighting hard for new jobs to be created and for the economy to be stimulated as a result, the small business owners in the United States are still struggling.
However, President Obama went in front of the United States Senate on Friday and demanded the passing of a bill designed to benefit small businesses. The major goal of the bill will be to increase the total amount of lending to the owners of those small companies.
Obama’s sees the small businesses in America as vital for increasing the job rate in the United States. Friday the President said, “Our goal is to make sure people who are looking for a ob can find a job. And that’s why it’s so important for the Senate to pass the additional steps that I’ve asked for to cut taxes and expand lending to America’s small businesses, our most important engine for hiring and for growth.”
The United States House of Representatives voted to pass a bill on the same issue two months ago. If the plan is also approved in the Senate, a grand total of thirty billion dollars will be put in place to give the small companies of the United States “the loans they need to grow and to hire” as the President of the United States put it Friday.
Reports from the Federal Reserve say that most banks throughout the United States have been turning down loans from the small businesses of America, despite presence of good credit histories and reliable management. According to the Chairman of the Federal Reserve, Ben Bernanke, the lending from the community banks is “crucial to America’s recovery.”
Democrats currently feel that they have enough votes to get the sixty they need in order to pass the bill shortly. According to experts, some Republicans are even expected to vote in favor of the bill and bring President Obama the bipartisan support he is constantly hoping for, despite the fact that it will more than likely not exceed three Republicans.
Obama is still proud of the work of his fellow Democrats in pushing for the bill. Obama has touted his fellow Democrats’ “leadership and advocacy on behalf of the millions of small business people for whom this make a meaningful difference.”
With the bill, “we’re expand our most successful small business initiatives and more than double the size of loans our small business owners can take out,” said the President of the United States of America on Friday.
While some Republicans are arguing that the bill will result in the complete overhaul of how banks would have to go about their loan procedures and the risks they would have to take when it came to loaning to the small businesses, Obama says that those claims are full of hot air and that no drastic changes will be done to the commonplace procedures.
With more of his hard pressing work in the week following his weekend vacation with his family, President Barack Obama has taken another step to improve the economic situation in the United States. And this time he is not looking to change the system from the top, but instead helping the common people of America.
And with his new policies introduced and passes this week in both the House of Representatives and the Senate, President Obama was confidently able to say on Friday that as a nation, “we made enormous progress this week.”