U.S. President Barack Obama on Thursday urged the Senate to pass a stalled small business lending bill, saying recent weak economic data underscores even more the need for the legislation.
Small businesses, which account for two-thirds of jobs created in the United States, have been hit hard by the credit crunch, making it difficult for them to expand.
Barack Obama, US President said "When Congress reconvenes, this jobs bill will be the first business out of the gate, and the Senate Republican leadership needs to stop its efforts to block it. Let's put aside the partisanship for awhile and work together, for small businesses, for employees and the communities across this great country. "
The bill provides for a 30 billion U.S. dollar fund to invest in community banks to bolster lending. It also would provide tax credits and a limited capital gains exemption.