Obama asks Congress to help small businesses; bill 'as American as apple pie.'

Jul 29, 2010 — USA Today

After meeting with small business owners at the tiny Tastee Sub Shop in Edison, N.J., President Obama called on Republicans and Democrats in Congress to put aside "partisan politics" and pass new legislation that would give much-needed tax breaks and new capital to struggling small businesses.

"Small businesses are the backbone of our economy," Obama said. "They are central to our identity as a nation. They are going to lead this recovery."

Obama said he told Republican congressional leaders during a meeting at the White House yesterday that "the provisions of this bill are things the Republican Party has said it's supported for years: helping small businesses, cutting taxes, making credit available."

He said he wants the Small Business Jobs Act, which would eliminate capital gains on certain invesments and increase deductions from new equipment and other expenses, approved before lawmakers go on vacation in August.

But some Republicans oppose a $30 billion fund in the bill that would provide backing for businesse to get loans. The say it amount to a TARP redux.