Small-Business Lending Bill Blocked by Republicans

Senate Republicans on Thursday blocked a lending bill aimed at small businesses, saying it wouldn't do enough to help them or the economy.

"The small-business lending bill contains many positive provisions, yet I do not believe that any member in this chamber truly believes that this bill will do enough to solve our job creation problems," said Sen. Orin Hatch (R-Utah). "This is because it ignores the main problems afflicting the economy and preventing the kind of job creation that we need right now. The bill before us misses the boat."

Democrats needed 60 votes to advance the measure. On a 58-42 vote, the bill was sent back, giving the GOP another crack at adding or revising amendments. The only Democrat who voted with the Republicans was Senate Majority Leader Harry Reid (D-Nev.), who did so only to preserve the right to bring the bill back up for another vote in the future.

This bill's architect, Sen. Mary Landrieu (D-La.), has preached that the bill is necessary for America's small businesses to get back on their feet and to help restore the economy.

"This is time for us to say yes to Main Street," Landrieu said. "If [the bill] passes now, small businesses may be able to hold on. They might be able to create the jobs that are necessary . . . this is about corner stores. This is about corner banks. Are we going to vote for them or leave them here high and dry?"

Landrieu also touted the bi-partisanship of the bill, citing the many times Sen. Olympia Snowe (R-Maine) had her name attached to the legislation.

"Sen. Snowe wrote lots of pieces of this bill," Landrieu said. "I don't know how many more items one senator can have in a bill."

No Republicans voted for the bill.