Last Thursday, republicans in the senate intercepted the legislation of the new bill to help small businesses via expanded loan programs and tax breaks. This action was done to deny the Democrats of additional legislative accomplishments pending November’s mid-term elections. Republican leaders seem intent on maintaining their ground in pushing for related amendments on the bill. Backed by solid republican business allies, Democrat Senator Mary Landrieu of Louisiana, headed the movement.
Republicans struggled for days to increase the number of amendments they would offer. In a last minute offer, Democrats wooed on 3 but this was blatantly refused by Republican leader Mitch McConnell, saying that the number just won’t be enough. Of the 60 votes needed to pass the legislation, the tally was 58 to 42, with Democrats unanimously in favor and Republicans all opposed.
The hold off is considered by most as a procedural blockade. Lawmakers think a deal is still likely possible despite a number of over emotional exchanges on the senate floor. Senator Landrieu warned Senator McConnell of the possibility that a lot of businesses will crash if the bill is not passed soon enough. The bill would make a $30 billion lending program within the Treasury Department to be administered by banks.
Republicans Block Bill to Aid Small Business
