Congress, Small Business | featured news

Senators rejected dueling Democratic and Republican small-business tax cut plans on Thursday, the latest futile effort to break the election-year gridlock that’s consumed Capitol Hill on issues dealing with jobs and the economy... “There is no reason for [Republicans] to have killed this bill other than they are trying to hurt President Obama, small businesses and the middle class,” Reid, who introduced the bill, said at a news conference.

The Republican-controlled U.S. House of Representatives on Thursday passed a tax break for small businesses, giving voters a stark alternative to President Barack Obama's politically popular "Buffett Rule" surtax on the wealthy.

President Barack Obama sent Congress today a package of small business measures he said would expand tax relief and unlock capital to boost the economy and create jobs.

President Obama this evening rolls out a plan to inject $447 billion into the ailing economy through tax cuts aimed at working families and small businesses and spending to rebuild infrastructure, proposing a larger cash infusion than expected – and, perhaps, more than Congress will seriously consider.

Money for loans backed by the Small Business Administration that could be used for hiring and expansion had been delayed for weeks in Congress.

The legislation, which had been delayed by Republican opposition, would establish a $30 billion credit fund.

In the wake of a new jobs report showing increased unemployment, President Obama today said the steps his administration has taken to improve the economy are working, but not fast enough. He called on Congress to pass a small business bill and said he would announce next week a broader set of ideas to accelerate job creation.

The Obama administration is considering a range of new measures to boost economic growth, including tax cuts and a new nationwide infrastructure program, according to people familiar with the discussions. On the list of possible actions: additional tax cuts for small businesses beyond those included in a $30 billion small-business lending bill before the Senate. It's not clear what those tax breaks would target or how much they might cost in lost revenue to the government.