San Francisco (Obama.net)- After much campaigning for the small business bill he proposed months ago, President Barack Obama has finally gotten his plan passed. The bill was designed mainly to assist the small businesses of the United States.
The 42 billion dollar plan will increase funding to community banks in order to encourage an increase in approved loans so local businesses can afford to expand and hire more workers.
Obama said at the White House, “It’s going to cut taxes. It’s going to make more loans available for small businesses It’s a great victory for America’s entrepreneurs.”
The President also said, “At this difficult time in our country, it’s essential that we keep up the fight for every job, for every new business, for every opportunity to strengthen this economy.”
After pressing hard for the bill to pass for months, the Senate finally passed it with a vote of 61 to 38 one week ago. The final numbers illustrate the fact that two members of the Republican Party in the Senate broke away from the filibuster attempt to help the small businesses.
The House of Representatives passed the bill with a vote of 237 to 187.
Obama called the filibuster and attempt to stop the passage of the bill by Republicans needless and a bad move.
Republicans have been hesitant to allow the passage of any of Obama’s or the Democratic Party’s measures in order to not give them any momentum going into the Midterm Elections on November 2nd.
Obama has called the small businesses of the United States the backbone of the country and the economy. By allocating money to them, job creation in the communities of the United States would increase and the unemployment rate would drop throughout the country as a result.
In addition, the tax breaks given to the small businesses would also provide them with enough saved money on a yearly basis to increase hiring and thus add more jobs throughout the nation due to the new measure.
In addition, money would also be used to innovate businesses and bring in new equipment that would in return increase the efficiency of the companies and improve their products and profits. This would also result in money available for expansion and hiring.
After months and months of hard pressing work, the President of the United States has once again instituted another policy that would over time improve the American economy and reduce the unemployment rate as well.
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