ABC News’ Sunlen Miller reports: Declaring the economy “still in a pretty deep hole” President Obama pushed today for the House and Senate to approve a set of tax breaks and lending initiatives to spur hiring in small business across the country.
“The legislation that’s being debated right now would eliminate capital gains taxes for small investment — for investments in small firms, which will help move capital to these companies across America,” Obama touted, “It will provide tax relief to small start-ups to encourage folks to open up businesses, as well.”
Flanked with small business owners in the Rose Garden the president continued to tick though what the legislation would achieve if passed.
To foster more credit, the package would create the small business lending fund I proposed in my State of the Union address to help underwrite loans through community banks. And we’d create a new state small business credit initiative, because states facing budget shortfalls are scaling back lending to small firms and manufacturers.”
The president urged Congress to expand and expend the SBA programs, by increasing loan limits.
“We’ve been hearing from small businesses that want to retain and hire more employees, but they need additional credit. And we’ve been hearing from small community banks that want to lend more to small businesses, but they need additional capital. So this bill helps fulfill both needs.”
The House Rules Committee is expected to take up the legislation on Monday. The president said that he is hopeful the House will pass these measures next week, followed by the Senate.
“I’m eager to sign this tax relief and additional lending into law.”