A $30bn White House plan to boost lending to small business has secured the support of a key Republican senator, putting Democrats on course to pass the first in a series of mini-stimulus bills.
George Voinovich, the Republican senator from Ohio, has agreed to back the long-delayed legislation at a vote due next week, according to Republicans and Democrats familiar with talks between Mr Voinovich and Harry Reid, the Democratic leader in the Senate. The bill would set up a $30bn Treasury-backed loan facility to encourage banks to lend more to small companies. It also contains more than $12bn in tax breaks for the struggling sector that, unlike large multinational companies, cannot circumvent troubled banks and tap the bond market.
The centrist Mr Voinovich is often a Democratic target for persuasion but he has usually stuck with his party’s line. However, he is retiring this year and pledged his vote on the basis that the legislation would not increase the national debt and because businesses in Ohio requested his support.
Other Republicans could end up voting in favour of the bill, which failed in July after the debate descended into partisan squabbling over how many amendments would be allowed.
“We hope to have the votes to finish up the bill next week,” said Jim Manley, a spokesman for Mr Reid.
The House passed a version of the legislation in June, that then went to the Senate, where it has been bogged down for more than eight weeks. Democrats need the support of at least one Republican to obtain an unassailable 60-vote majority.
Keep in mind that this bill is aniemic $50 Billion in Infrastructure Spending Is Equal to 1.4 Percent of the Federal Budget
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