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Credit, small business bill sent to President's desk

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Posted: Sep 23, 2010 2:15 PM
Source: Associated Press

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Topics: congress, house, senate, president, obama, small, business, credit, bill, financial, wbrz, washington

Democrats controlling Congress are sending President Barack Obama a long-delayed bill to help struggling small businesses with easier credit and give them other incentives to expand and to hire new workers.

The legislation passed by a 237-187 vote that split along party lines. It establishes a $30 billion government fund to help Main Street banks lend to small businesses and cut taxes on both big and small businesses.

The legislation is aimed at easing a small-business credit crunch that worsened dramatically after the financial crisis two years ago.

It's a modest victory for Democrats, whose jobs agenda has otherwise mostly been stalled by Senate Republicans opposed to new spending programs.

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