- ‘Gay Jeans’ that fade into rainbow-colored denim created
- Divided court strikes down big porn award
- Jimmy Carter: Don’t hurt Russian people with sanctions
- Oldest ex-MLB player dies in Cuba, 2 days shy of 103rd birthday
- ‘Top Gun’ for drones: Squadrons of carrier-based killers have Navy’s approval
- Bill Clinton to endorse Charlie Rangel for re-election
- Pfc. Bradley Manning is now Pfc. Chelsea Manning: Court says so
- Secret base U.S. special forces used to train Libyans now under terrorist control: report
- 9th suspect in N.C. kidnapping turns self in to FBI
- L.A. sheriff admits to testing flyover spy program without notifying residents
GOP senators block measure on small businesses
Bill sought to increase lending
The bill would create a $30 billion government fund to help community banks increase lending to small businesses, combining it with about $12 billion in tax breaks aimed at small businesses. Democrats say banks should be able to use the lending fund to leverage up to $300 billion in loans to small businesses, helping to loosen tight credit markets.
The fund would be available only to banks with less than $10 billion in assets. Some Republicans, however, likened it to the unpopular bailout of the financial industry.
Senate leaders said they will continue to negotiate amendments to the bill. But Thursday’s vote will make it difficult for Congress to pass it before lawmakers go on summer vacation. The Senate is in session for another week; the House is scheduled to adjourn Friday.
Congressional Democrats started the year with ambitious plans to pass a series of bills designed to create jobs. But if negotiations on the small-business lending bill fail, they will have little to show for it just a few months before midterm elections that will determine whether Democrats keep their majorities in the House and Senate.
Congress has extended unemployment benefits for people who have been out of work for long stretches and passed a measure that gives tax breaks to businesses that hire unemployed workers. But many other initiatives stalled, in part because of concerns they would add to the growing national debt.
The vote was 58-42, with all 41 Republicans voting to continue the filibuster. Senate Majority Leader Harry Reid, Nevada Democrat, also voted to continue the filibuster, but only as a procedural step that allows him to call up the bill again.
Much of the bill had bipartisan support, but Senate Minority Leader Mitch McConnell of Kentucky said Democrats were blocking GOP amendments. Mr. Reid said Republican demands kept changing.
“It takes a lot of effort to make a partisan issue out of a bill that should have broad bipartisan support,” Mr. McConnell said. “But our friends on the other side have managed to pull it off. They’ve outdone themselves.”
Mr. Reid said he offered to hold votes on some Republican amendments, only to see the list of GOP demands grow.
“They wanted to offer amendments. I’ve agreed to offer amendments,” Mr. Reid said. “There’s nothing snarled, there’s only an effort to stop passage of this bill.”
GOP amendments included measures to beef up border security, impose a government spending cap and lower the estate tax, which is scheduled to return next year with a top rate of 55 percent on estates larger than $1 million.
One Republican amendment would repeal a new tax-reporting requirement for businesses that was included in the massive health care overhaul enacted last spring.
Democrats, meanwhile, have added about $1.5 billion in disaster relief for farmers who lost crops in 2009, a measure sponsored by Sen. Blanche Lincoln, Arkansas Democrat.
TWT Video Picks
National Popular Vote Interstate Compact tries end run around the Constitution
- CARSON: When government looks more like foe than friend
- 'Top Gun' for drones: Squadrons of carrier-based killers have Navy's approval
- Pentagon plans to replace flight crews with 'full-time' robots
- Nevada rancher Cliven Bundy hailed as patriot, ripped as lawless deadbeat
- America is an oligarchy, not a democracy or republic, university study finds
- Kansas will nullify local regulation of guns
- Harry Reid using tax dollars to fight Koch brothers, La. GOP chair charges
- Opposition rising to Colorado gun control laws
- Texas is next! AG warns BLM wants 90,000 acres after Bundy ranch standoff
- Russian bombers buzz U.K. airspace; jets scrambled to chase off 'Bears'
Top 10 handguns in the U.S.
Celebrity deaths in 2014