Legislation that would have provided loans and tax breaks for
small businesses failed to advance in the Senate Thursday, leaving
business owners in the lurch as economic conditions stagnate.
Senate Republicans unanimously voted against the bill, saying they
weren't being given a chance to add amendments. "The majority
leader has graciously given us three amendments, and what I'm
saying is three amendments is not enough," Senate minority leader
Mitch McConnell said.
The legislation - championed by Democrats and backed by the U.S.
Chamber of Commerce, an organization that has historically aligned
itself with the GOP - needed 60 votes to move forward, but it only
received 59.
The package would set aside $30 billion for community-bank lending
to small businesses and provide billions of dollars in tax breaks.
The measures may be sorely needed among the small-business
community: According to a survey of 400 business owners by the
National Small Business Association, 25 percent of small companies
have cut jobs and 41 percent are having a hard time securing
financing.
"Unless small-business owners are able to secure financing, we will
continue to see high unemployment," NSBA president Scott McCracken
warned.
By Steve Monfort
