Small businesses are the backbone of our local economy — accounting for two-thirds of new jobs in the United States — and the financial downturn has hit them especially hard.

The basic costs of doing business are high. The cost of health care is high. And then, when small businesses try to get the loans they need from community banks to stay afloat, they are increasingly being turned away.

In an attempt to help small businesses weather the storm, the U.S. House of Representatives passed the Small Business Jobs and Credit Act of 2010 (H.R. 5297). The bill would give small business owners the breathing room they need to grow and prosper by cutting taxes and leveraging capital through community banks. The bill includes:

-extensions of expiring small business tax cuts

-increased caps on key SBA loans

-elimination of SBA loan fees through the end of the year.

-additional health insurance write-offs for the self-employed

-provisions to roll assets from 401(k) and other retirement accounts into Roth IRAs, where they may be withdrawn tax-free

Most importantly, the legislation would create a $30 billion fund for community banks to help leverage up to $300 billion in loans to small businesses across the country.

Passed in the House with bipartisan support, the bill was backed by over 100 business groups, including the U.S. Chamber of Commerce, the National Federation of Independent Business, and the Independent Community Bankers of America. Additionally, it was a fiscally responsible measure that guaranteed full repayment of the bill’s cost within 10 years.

Unfortunately, last week, Senate Republican leaders were successful in killing the bill. This was a step in the wrong direction.

The Small Business Jobs and Credit Act is exactly the kind pragmatic, fiscally responsible, locally-focused legislation we need—and that I will fight for in Congress. It is about enabling small businesses to grow by lowering their tax burdens and giving them access to the capital they need to serve every community’s most vital need in today’s economy: creating well-paying jobs.

Congress needs to move beyond partisanship and political maneuvering and must start delivering meaningful relief to Main Street. Measures that help local small businesses hire and grow are critical to America’s economic recovery.

I will proudly stand up in support of fiscally responsible efforts that help small businesses grow and prosper. By helping small businesses climb out of the hole, we will finally begin to see the clearest signs of economic recovery, signs that read, “Open for Business.”

Earlier this week, Dan’s opponent stated his support for a budget plan that included eliminating Medicare, privatizing Social Security, and raising taxes on the middle class. It has since been removed from his Facebook page.

This fiscal year, the U.S. government is already running a $1.6 trillion budget deficit and our total national debt has risen to more than $13.2 trillion. That’s $42,000 of debt for every woman, man, and child in America. This is more than a bankroll problem–it is a national crisis. With this growing debt, we stand to be the first generation to leave our nation in worse shape for our children. As the father of three young daughters, I refuse to let that happen.

The federal government should use the same fundamental budgeting process as all households: you can only spend what you can afford. Millions of Americans live within their means every day, and so should our government. Read more

We are so excited to celebrate the 4th of July this weekend! Please join us in the parades! Click here to see the schedule.

]]> http://10thdistrictfordanseals.com/raining-volunteers-on-saturday-for-summer-kickoff/feed 0 http://10thdistrictfordanseals.com/on-the-passing-of-rep-eddie-washington http://10thdistrictfordanseals.com/on-the-passing-of-rep-eddie-washington#comments Sat, 05 Jun 2010 19:54:22 +0000 TCramer http://10thdistrictfordanseals.com/?p=3204
“It is with great shock and a heavy heart that I offer my deepest condolences to the family and friends of State Representative Eddie Washington.

Eddie’s constituents and colleagues knew him as a fighter, as he would often say, for the least among us. His friends knew him as a compassionate soul, fiercely loyal and genuinely caring. Eddie made education, justice, and respect for all members of our society his life’s work. We will be proud to carry on his legacy by recommitting ourselves to the same.

His wife Flor, seven children, and all who loved him will remember a devoted husband, a loving father, and an unwavering friend. I am honored to have known him. He will be greatly missed.”