President Obama cited small businesses as "the primary drivers of job creation" and called on Congress, especially the GOP, to tackle a bill aimed at improving the climate for such enterprises.
In his Friday speech from the White House, which came on the heels of news that private sector jobs had been created for an eighth straight month, Obama said the legislation should be Congress' first order of business when it reconvenes this month. Legislators, he said, need to "put aside partisanship and be the leaders the American people need us to be."
He directly accused Republicans of blocking the $55 billion legislation package. Senate Democrats are hoping to OK the package and get it to the president's desk well before November's midterm elections.
Among the provisions in the bill are loan enhancements that would double what small business owners can borrow to expand their companies, as well as billions in tax-cut extensions.
"It is paid for," the president said. "It will not add one dime to our deficit."
Obama said it took years to create the country's economic problems, and it will take years to right them.
He said, however, that he wants "all Americans to remind themselves there are better days ahead" and that the United States remains the world leader in innovation, discovery and entrepreneurship.
"There's no quick fix for the worst recession since the Great Depression," he said.
There are signs the economy is improving, though. He said August saw 67,000 private sector jobs created, while official July numbers indicated 107,000 private sector jobs were created.
In contrast, the latest unemployment numbers show joblessness rose from 9.5 percent to 9.6 percent last month, and the economy lost 54,000 jobs overall. The job loss was attributed to the decline in temporary Census Bureau positions.
To "break the back of this recession," Obama said, more steps are needed, including the small business legislation, extending tax cuts for the middle class and directing investments to areas where job-creation potential is the highest.
The House's No. 2 Republican, responding to the unemployment numbers prior to Obama's speech, said the report shows "the American economy still has a long way to go."
Rep. Eric Cantor of Virginia had a starkly different outlook than Obama regarding the measures being taken to resurrect the economy.
"The policies being pursued by the White House and Democrat leaders in Washington continue to create uncertainty and fear that is inhibiting productivity, innovation and job creation," he said.
The president is scheduled to give two speeches next week in an attempt to frame his administration's response to the recession.
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I don't trust anything this administration does. The only time Obama is lying to us is when his mouth is moving. The Repuibs are no better, but I'm just sick of 2 years with this guys and there has benn nothing but spend, spend, spend. And I have yet to see a return. Obama always blames Bush for everything. He says the deficit is because of the War in Iraq. DO YOUR HOMEWORK PEOPLE. The deficit attributable to the war in Iraq is A FRACTION compared to the "Stimulas" and "TARP" handouts given to future Democratic voters...
I believe that use of filibustering is destructive because such time consuming procedure is not honest. There should be a specified time of one week so that everyone has his/her say. Then give it up or down vote.
If I had to guess, this legislation is probably just a block of unspent stimulus spending that the Dems have been saving up to spread around their districts just ahead of the election to try and buy their reelection in November. They've been hoarding that TARP & stimulus money just for that reason–Why wasn't it spent when the laws were passed in late 2008 and 2009?
Stop growing Government beyond the economy's ability to support it and you won't need higher taxes or special tax breaks for businesses. The government assums too much and takes too much whether it be state or federal. Quasi-government agencies are just as bad. We need government but we don't need the agencies that are created by government to set rules, laws and taxes that we have to live by and pay. In many cases, these government created agencies even compete against (small and large) private businesses for their customers and profits using cut throat pricing. This further increases joblessness and harm to the economy. The government should support the people to a better standard of living and not compete for their money either by imposing mandatory spending laws or by competing for their businesses customers.
Geez.. about time something happens that is pro-small biz. We have been struggling for years now while we watch everyone get a pass/free handout or outright subsidy to keep their business moving. If you aren't Bank of America, Chase, etc you don't get squat for help from this government. It is always take, take, take .. while they give, give, give more paperwork and regulations we have to meet. Small biz sucks really bad right now. I'm still floating but it just gets harder and harder to do this.. a few more years of this crap and I will hang it up and go on the government dole like everyone else.. Working 16 hours per day so I can pay tax bills and beg for biz, and then get paid in 6-+ days sucks.
If I could wish for one thing... it would be to put better controls on the banks. Those slime balls borrow from the gov for a few percent and then gouge us with 20+ percent credit card rates. They should be thrown in jail for that crap.
The banks operate with little to no ethics or morality. The Gov should have nationalized the banks when they could have... why not.. Right now they simply rob their customers. What choice do I have .. as a small biz the gov makes me deal with a bank. It isn't right.. It's like going to Las Vegas to gamble... you know in the end you will always lose..
If he really wanted to save small business he would repeal the 1099 law changes hidden in the health care bill that require businesses to file 1099s on each other (even corporations) for anyone with who they spend over $600 in a year. This will greatly increase the cost and inconvenience of doing business with small suppliers!
Hey U guys/gals: you all fighting in dark each others. Remember the fact:The effect of any new or modified regulations, takes 2-4 or more yrs to see the real effects. Obama just came and try to clean out old regulatons effects which we all seeing now. What you seeing and suffering is not bcs of Obama but Bcs. of previous adminisarations' policies, on top of that bad decissions about wars we are in now. You Tea Parties and Republicas made these mess creating wrong policies. Now wait unitl obama's policies to work. Do not jump in conclusion with these idiots that Dem. or Republicans are going to do better. I would now wait to work these new excellent policies. I have my faith that it will work!!!!!!!!!!!!!
Obama should stop blamin GOP. Des have majority in both houses and they own the White House. As for $55 billion for small business, as long as it does not add to $900 billion of ARRA then I am for it. Otherwise, offset it with $55 billion in cuts somewhere else.
Tax, regulate, create uncertainty, drive business into a bunker mentality, then offer loan enhancements to hire and expand. What a bonehead.
As a small business owner that needs to hire employees – why on earth would I want to borrow money and increase debt in an atmosphere of economic uncertainty and who knows what employment costs.
Provide long term stability by guaranteeing low capital gains tax for the next 10 years, raise the silly $250k definition of "rich people" income (to say $500k), don't increase employment costs through back door regulations and nationalized healthcare – then I'll be prepared to take more risk and hire people.
It is said that the GOP is the party of no, booorrrring, if that is the best the dems have they are in trouble. It is reasonable to say that the dems are the party of CANT.
Cant stop spending
Cant create an atmosphere for job creation
Cant dump NAFTA
CANT bring the troops home
Cant protect our borders
Cant stop apologizing
CANT LISTEN TO THE CITIZENS of this country
It is infinitely more productive to promote small business than giants. Giants are possesed with greed, status, rankings, standings, sharevaluations and manipulations thereof,.........etc. On the contrary small businesses bring entrepreneurship with desirable values – middle class outlook, professionalism, geogrpahically distributed presence, profit motive without greed, family orientation and outlook, sense of belonging to the community, and closer to customer. And above all lesser risk. One Giant fails, all hell breaks loose (GM, Lehman Bros, AIG, ........). One small entrepreneur fails, sad but society can withstand.
Around 90% of all small businesses are under $1,000,000 in annual sales. According to a Wall Street Journal study, over 70% of them will sell within the next decade. There are over 25,000,000 total US businesses. Around 20,000,000 are these types of small businesses. Just doing basic math in 70% are expected to change hands, at an average of $200,000 per small business, that's 2.8 trillion dollars of wealth to business owners who sell and 14,000,000 new small business owners. Why not create programs that help people who want to live the american dream achieve it through small business ownership????
http://www.around90percent.com
Thanks for news.
Wow and wow!