Network News

X My Profile
View More Activity

Obama renews call for Congress to act quickly to help small business

By Michael A. Fletcher
President Obama said Saturday that Congress should move quickly to enact a series of proposals aimed at bolstering the ability of small businesses to create new jobs.

In his weekly radio and Internet address, Obama said he is open to other ideas for supporting small business, but warned lawmakers not to oppose his proposals strictly for political reasons.

"My door is always open," he said. "But I urge members of both parties: Do not oppose good ideas just because it's good politics to do so. The proposals I've outlined are not Democratic or Republican; liberal or conservative. They are pro-business, they are pro-growth, and they are pro-job."

Obama has spelled out a list of ideas to support small business in recent weeks, as his administration has grown more urgent in its response to the nation's unemployment rate, which is currently 9.7 percent.

Obama has proposed using $30 billion in bank bailout money to create a new Small Business Lending Fund to provide capital to community banks to increase He also has proposed a tax credit as an additional incentive for small businesses to hire new workers and raise wages. And he has called for expansion of several Small Business Administration programs.

Despite Obama's desire to move quickly, some of his proposals have been met with skepticism on Capitol Hill, where the Senate is expected to begin debate on small business initiatives next week. Many Republicans deride them as unnecessary spending, while even some Democrats are dubious about the potential efficacy of some of the ideas.

Rep. Nydia M. Velázquez (D-N.Y.), chairwoman of the House Committee on Small Business, questioned Obama's plan to expand the SBA Express program -- which provides operating capital for small business -- saying that it has an unacceptably high default rate.

Moreover, she said, the program would mainly serve to bolster big banks, which often provide the SBA-insured loans that go to small businesses.

"With loan defaults on the rise, we should not base our strategy on increasing the size of the least stable SBA lending program," Velasquez said.

She also criticized a proposal to make it easier for small businesses to refinance their properties through SBA, saying that the idea would not create jobs and may draw money from programs that do create jobs.

By Michael A. Fletcher  |  February 6, 2010; 6:00 AM ET
Categories:  44 The Obama Presidency , Economy  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: David Axelrod talks about the New Yorker piece, Khaled Sheikh Mohammed and White House-Justice Department tensions in C-SPAN interview
Next: Sarah Palin watch: She looks trim, fit -- and brimming with energy and plans


In law school they must be teaching classes on how to parse the language, and be duplicitous.
Those may be great tools in front of a class of law students. It may not be as effective as the leader of the free world.
There are many around who would like to claim that they speak for him, but he reports to me and the old lady across the street. It is time for a leader in the WhiteHouse, if that is unreasonable, leave.
Those who claim your voice will go to jail.

Posted by: RayOne | February 6, 2010 1:09 PM | Report abuse

Nothing more that Obama or the Dems would like than for Republicans to filibuster a jobs bill while simultaneously calling for the privatization of Social Security.

Posted by: parkerfl1 | February 6, 2010 9:31 AM | Report abuse

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company