President's Obama's plan for a new $30 billion small business lending fund stalled in the Senate this week. It needed 60 votes to move to formal debate and it fell shy by two votes.
Supporters say the plan will fund up to $300 billion in new small business loans, but Republicans blocked the measure, saying Senate Democrats denied their requests to amend it.
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The president ripped into Republicans afterward, saying “We shouldn't let America's small businesses be held hostage to partisan politics and certainly not at this critical time.”
President Obama even hit the road to promote government assistance for entrepreneurs -- visiting a sandwich shop in New Jersey Wednesday.
The U.S. House of Representatives approved the $30 billion lending plan in June. The lending bill is expected to pass the Senate eventually to be signed into law.
The National Small Business Association released its mid-year economic report and the outlook isn’t very rosy.
The group reported the first half of 2010 was the toughest period for small companies in the past three years and nearly half of the small business respondents expect no growth opportunities this year.
On a brighter note, a third expect some growth within the next six to 12 months.