House Majority Whip James E. Clyburn (D-SC) today released the following statement after the President signed into law 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 are the engines of our economy creating two-thirds of the new jobs over the last 15 years. Today they get a much-needed boost from the Small Business Jobs Act. Without adding to the deficit we are implementing measures to create 500,000 jobs, unleash $300 billion in lending and offer more than $12 billion in tax incentives to help small businesses grow, hire, and fuel our economy.
"By contrast, Congressional Republicans stood in the way of progress for Main Street small businesses, voting against eight small business tax cuts that help spur economic recovery and close tax loopholes that reward corporations for shipping jobs overseas. To add insult to injury, last week at a small business in Virginia, GOP leaders unveiled their new plan that repackages the exact same failed ideas from the past. They came back to the Capitol hours later and voted against the Small Business Jobs Act."