House Majority Whip James E. Clyburn (D-SC) today released the following statement after the House approved H.R. 5297, the Small Business Jobs Act, legislation to expand much needed lending to millions of small businesses and offer tax incentives to help them grow, hire, and fuel our economy. The bill is fully paid for over 10 years and will not add to the deficit.
"America's small businesses have been struggling to invest in their companies due to the lack of access to credit. After months of Republican opposition, we're finally delivering the Small Business Jobs Act--a bill that won't add a dime to the deficit and will give small businesses $12 billion in tax cuts to spur economic growth and job creation, leverage up to $300 billion in private sector lending, expand access to private capital to finance expansions and hire new workers, and help Main Street compete with large corporations. Small businesses are the engine of our economy, creating two-thirds of the new jobs over the last 15 years, and this will be the shot in the arm that they need.
"In true fashion, House Republicans unveiled their new agenda for America at a small business in Virginia, and came back to the Capitol and voted against America's small businesses. The truth is, the GOP agenda is a plague on America's small businesses, protecting special interests over the best interests of Main Street businesses and tax loopholes that allow companies to send good-paying jobs overseas.