Senate Clears $30B Small-Business Measure

The Senate passed long-delayed legislation today designed to open up credit to small businesses and award them with other incentives to expand and hire new workers. Democrats won a 61-38 vote to pass the legislation, joined by two Republicans (George Voinovich and George LeMieux). The measure would establish a $30 billion government fund to help open up lending for credit-starved small businesses, cut their taxes, and boost Small Business Administration loan programs.

The tally gives President Obama and his besieged Democratic allies in Congress a much-sought—but relatively modest—political victory ahead of the midterms. The House is expected to take up the bill next week and quickly send it on to Obama for his signature. For more news on small businesses, click here. (More US Senate stories.)