Update: House Approves Small Business Bill; Obama Expected To Sign Monday

Well, here's some good news on the economic front: as expected, the House approved the small business bill I reported on last week.  The measure passed by a vote of 237-187, with all but thirteen Democrats and one Republican supporting the bill.  President Obama, who has indicated his support to the bill for more than half of a year, is expected to sign it into law on Monday.

My understanding is that the $30 billion that will be available to community banks for lending is coming from as-yet unspent money from the previous stimulus package.  Don't get me wrong — I'm no fan of the reckless spending we have seen over the past couple of years, but I am glad to see the Democratic party finally taking some action to help small businesses get the credit they so desperately need.  After all, small businesses have led the nation out of every recession historically, and I believe that the fact that small businesses are still hurting is contributing to the continuing economic troubles we are experiencing.  That said, I doubt that passing the measure now will give the Democratic Party the boost it hopes to get in November.

By the way, one of the few Democrats who opposed the bill was my own state's Dina Titus.  Could she be using this as an opportunity to differentiate herself from Harry Reid?  If that is the case, then the question is whether voting no on this measure will be enough, and whether Nevada voters will agree with her decision.  Hmmm…

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