Obama Signs $42 Billion Bill Meant To Aid Small Businesses - Spokane, North Idaho News & Weather KHQ.com

Obama Signs $42 Billion Bill Meant To Aid Small Businesses

Washington (CNN) -- President Barack Obama signed into law a $42 billion bill to aid small businesses Monday, saying it would create jobs by providing tax credits and helping banks increase loans.

"It's going to cut taxes. It's going to make more loans available for small businesses. It's a great victory for America's entrepreneurs," Obama said to applause at the White House signing ceremony.

While the bill's major provisions had backing from both parties, it took months of legislative wrangling to work it out.

The Senate approved it on a 61-38 vote last week, with two Republicans breaking a GOP filibuster to join the 59 Democrats in supporting the measure. The House then voted 237-187 on mostly partisan lines to send the bill to Obama's desk.

Obama noted the political battle in his remarks Monday, saying the relief provided by the measure was "needlessly delayed" by Republican senators until last week.

"At this difficult time in our country, it's essential that we keep up the fight for every job, for every new business, for every opportunity to strengthen this economy," Obama said.

Republicans eager to deny Democrats any advantage ahead of the November congressional elections have criticized the measure.

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