President Obama pledges help for small business in this week's address. $30 billion From TARP for small business loans, cutting the capital gains tax, providing tax credit for new hires.
The White House said Obama's plan would temporarily increase the cap on SBA Express loans from the current maximum of $350,000 to $1 million. Obama's plan would also expand the SBA's program to support refinancing for owner-occupied commercial real-estate loans.
To be eligible, business owners must have first mortgages and be current on all loan payments for the previous year. The White House said the proposal would help refinance up to $18.7 billion each year in commercial real estate that might otherwise be foreclosed and liquidated.
The move, however, requires Congress to act -- something of an open question, given that Democrats lost their supermajority when Massachusetts Republican Sen. Scott Brown took office.
Every story I read contains that caveat. It is now assumed that the Republicans are going to block every. single. piece. of legislation, and every nomination that the President makes from here on out.
Pure obstruction for political gain, the GOP doesn't care one whit about the function of government, or the well-being of the American people and the economy. It's all just a game to them, trying to undermine our leadership so they can take back power.
Hmmm. Where have we seen that before?