On Thursday, the U.S. Senate finally passed the small businesses bill, which will return to the U.S. House of Representatives, where it is almost assumed it will pass and make its way to the president’s desk. For much of the summer, there was much stalling and lack of compromise mostly by the Republicans that prevented this bill from passing sooner. It does not help that this year is an election year.
This legislation works to cut taxes and ease credit for small business and can be viewed as another successful measure for the Democratic Congress heading towards this November. With the economy and jobs being the top priority to voters, this bill addresses that area with necessary aid. Additionally, this bill would create a $30 billion lending program and give small businesses $12 billion in tax breaks, which includes write-offs for certain purchases.
The legislation passed by a vote of 61-38 with two Republicans, George Voinovich (OH) and George LeMieux (FL), crossing the aisle to vote with the Democrats. Republican Senator David Vitter was absent for the vote, but would have most likely been a “no” vote. The small catch is both Voinovich and LeMieux are retiring senators and hence do not have to worry about any voter backlash; mostly from Republican Party voters.
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