Congress Sends Small-Business Bill to Obama

The long-delayed bill passed the House by a vote of 237-187. President Obama is expected to sign it on Monday.

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On the dotted line: House Speaker Nancy Pelosi receives applause after signing the Small Business Jobs Act at the Capitol.As expected, the House swiftly followed the Senate's lead, approving the small-business bill on Thursday by a vote of 237-187. The long-delayed bill now goes to President Obama, who previously scolded Republicans for holding up the bill. Opposition Republicans had dubbed the bill "junior TARP."

"After months of partisan obstruction and needless delay, I'm grateful that Democrats and a few Republicans came together to support this common-sense plan to put Americans back to work," Obama said in a statement Thursday.

The $42 billion bill aims to increase and ease loans to small businesses, primarily through a $30 billion federal fund, and cut small-business taxes by $12 billion over the next decade.

"The small-business jobs bill passed today will help provide loans and cut taxes for millions of small-business owners without adding a dime to our nation's deficit," Obama said. He plans to sign the bill on Monday.

Tags: business loans, getting a loan, News, Obama, Obama small business, President Obama, Small Business Jobs Act, small-business loans

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