The Senate Republicans blocked a $30-billion plan to help community banks boost lending to small businesses, dealing a blow to President Barack Obama’s election-year battle to reduce unemployment.
Tempers ran high as Democratic leaders failed to muster the 60 votes needed to advance the measure over a Republican filibuster…Even if the Senate passes the small business lending bill next week, it will be too late to get it to Obama’s desk before mid-September. The House of Representatives, which passed its version of the bill in June, is set to begin a six-week break on Friday. The House will be unable to vote on the version passed by the Senate until then…Obama has been pushing for passage of the lending measure arguing that getting more capital into the hands of independent community bankers would lead to more small business loans. It is supported by independent bankers and business groups.
Right now, there is no sector of banking with more energy and activity than small business lending. Every penny made available to community banks would be going straight back out the door into economic stimulus – and to qualified borrowers at that.
The Republicans couldn't care less. Nor the Democrats. Maybe some of that unspent 'Stimulus Cash'... oh, that's only going to Democratic rough spots. Well, maybe if we just get rid of all the Drunken Congressmen we can have some of that change we all fell for?