Senate passes small business legislation
The U.S. Senate voted 61-38 on Thursday to end a Republican filibuster of legislation that would give small businesses $12 billion in tax cuts, TheHill.com reported. Lawmakers then passed the bill, which Democratic leaders have made a top priority this year, by the same vote. House lawmakers are expected to approve the legislation and send it to President Barack Obama for his signature. If passed, the legislation would also create a $30 billion fund to help community banks increase their lending to small businesses. Two Republican-backed amendments, including one that Iowa Sen. Chuck Grassley sponsored to extend a tax credit for biodiesel, were defeated on Thursday.