The Wall Street Journal is reporting that after an impasse of more than a month, the Senate on Thursday approved a small-business bill that includes measures aimed at boosting access to capital and tax credits to provide temporary financial relief.
Democrats hope the legislation will help show voters they are in control of managing the economic recovery, even though the current employment picture looks grim.
Both parties agree that renewed hiring by small businesses is crucial to any turnaround in the job market. Lawmakers say most job growth comes from small businesses.
The House must still vote to approve the bill before it is sent to the President for his signature. House speaker Nancy Pelosi said Thursday the House would likely act on the measure next week.
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