Obama renews call for Senate to pass small-business bill

“Unfortunately, this bill has been languishing in the Senate for months, held up by a partisan minority that won’t even allow it to go to a vote,” Obama said. “That makes no sense.”

Republicans who oppose the legislation do so largely because they claim it will create another TARP-like lending program. 

The bill creates a lending pool for small businesses that will be headed by the Treasury Department, which will decide which local banks have access to the pool. 

The bill also provides approximately $12 billion in tax breaks for small businesses, including allowing small-business owners to write off capital gains on certain investments. 

The Senate is expected to vote on the measure shortly after it returns from the August recess. 

Obama also called on Congress to extend the Bush-era tax cuts for the middle class. He did not mention the breaks for wealthier taxpayers.