Obama renews call on Congress for $30 bln job bill

U.S. President Obama repeated his call for Congress to pass a $30 billion package to foster hiring and help tackle painfully high levels of unemployment.

Obama renews call on Congress for $30 bln job bill

 

U.S. President Barack Obama on Friday repeated his call for Congress to pass a $30 billion package to foster hiring and help tackle painfully high levels of unemployment.

"I'm hopeful the House will pass these measures next week and that the Senate will follow as soon as possible -- with support from both Democrats and Republicans," Obama said in remarks delivered in the White House Rose Garden.

After the worst recession in decades, many small businesses report trouble getting credit. Obama's proposal would establish a $30 billion fund to boost lending to small businesses looking to hire and expand operations by providing additional capital to community banks.

The House of Representatives' Financial Services Committee approved the Small Business Lending Fund Act last month by a vote of 42-23.

With U.S. unemployment at 9.7 percent in May despite an apparent return of economic growth, Obama is under enormous pressure to ease the plight of the jobless. Voters are likely to punish his Democratic Party in congressional elections in November.

"This legislation would eliminate capital gains taxes for investment in small firms, which will help move capital to these companies across America," Obama said after meeting small businesses owners.

"And it would provide tax relief to small start-ups to encourage folks to open up businesses, too."

Reuters

Last Mod: 11 Haziran 2010, 21:54
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