After much fuss, congressional Democrats managed to push through a modest jobs bill that will have to do in the place of anything grander with which to campaign. The package of tax breaks and cash is directed toward small businesses, with the hope of creating employment.

The bill would set aside $30 billion for regional banks to lend to small businesses and provide $12 billion in tax savings.

Wall Street Journal:

The centerpiece of the bill is the creation of a $30 billion lending facility that would direct taxpayer money to regional banks on the condition they lend it out to small businesses. Unlike the emergency financial rescue package implemented at the height of the crisis in 2008, banks would have to volunteer to participate in this program.

The rate of interest they are charged on the public funds would depend on how much they increase their small-business lending.

Due in large part to the expected returns to the taxpayer from this plan, the bill has been estimated to raise net revenue of around $2 billion over the next decade.

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#congress#democrats#economy#jobs#jobs bill#midterm elections#midterms#politics#small business#taxes