Obama Promises Small Business, Local Government Aid
This morning, President Barack Obama addressed today’s positive jobs report and indicated that while the recovery is real, it remains fragile. In the statement,
Jul 31, 202016.4K Shares610K Views
This morning, President Barack Obama addressedtoday’s positive jobs reportand indicated that while the recovery is real, it remains fragile. In the statement, he addressed two weaknesses in the employment picture: small businesses, for whom credit remains frozenand which have not picked up hiring, and local governments, which might be poised for layoffs this summer.
In his statement, he announced that the White House passed a long-awaited but recently drafted proposal to encourage small-business hiring to Congress this morning. Additionally, he signaled that the White House might take action to help local governments considering job cuts due to budget shortfalls.
“„[We] still have more to do. In my State of the Union address, I called for a $30 billion small business lending fund, which would help increase the flow of credit to small companies that were hit hard by the decline in lending that followed the financial crisis. And obviously small businesses are a major source of job creation.
“„This morning, we sent draft legislation to Congress on this fund, which now includes a new state small business credit initiative. This state initiative, which was designed with the help of governors and members of both the House and the Senate, will help expand lending for small businesses and manufacturers at a time when budget shortfalls are leading states to cut back on vitally important lending programs.
“„In addition, with state and local governments facing huge budget gaps, we’re seeing layoffs of teachers, police officers, firefighters, and other essential public servants — which not only harms the economy, but also the community and the economy as a whole. So we are working with Congress to find ways to keep our teachers in the classrooms, the police officers on the beat, and firefighters on call.
Paula M. Graham
Reviewer
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