Republicans block tax cuts for small business owners
Republicans block small business lending bill
Senate Republicans blocked a bill to increase small business lending Thursday, dealing a setback to President Barack Obama’s jobs agenda.
The bill would create a $30 billion government fund to help community banks increase lending to small businesses, combining it with about $12 billion in tax breaks aimed at small businesses. Democrats say banks should be able to use the lending fund to leverage up to $300 billion in loans to small businesses, helping to loosen tight credit markets.
….
“It takes a lot of effort to make a partisan issue out of a bill that should have broad bipartisan support,” McConnell said. “But our friends on the other side have managed to pull it off. They’ve outdone themselves.”Reid said he offered to hold votes on some Republican amendments, only to see the list of GOP demands grow.
“They wanted to offer amendments. I’ve agreed to offer amendments,” Reid said. “There’s nothing snarled, there’s only an effort to stop passage of this bill.”