The U.S. Senate launched new legislation aimed at jumpstarting the struggling economy and creating jobs by giving small businesses easier access to credit.
The 61-37 vote yesterday cleared the way for final Senate passage of the aid package, which includes a $30 billion lending fund and about $12 billion in tax relief for small businesses.
The longstanding logjam over the legislation ended thanks to Republican Senators George LeMieux (Fla.) and George Voinovich (Ohio), who said he voted for the incentives because the economy was “really hurting.”
Obama said in a statement Tuesday, “Today’s vote brings us one step closer to ending the months-long partisan blockade of a small business jobs bill that was written by both Democrats and Republicans.
“This is a bill that would cut taxes and help provide loans to millions of small business owners who create most of the new jobs in this country.”
(READ the full story in the Washington Post)