Helping Small Businesses

" President Obama says the sector of the economy that creates the most jobs should be getting the most help. Senior White House correspondent Major Garrett has tonight's on the job -- report. The steps we've taken have improved the overall climate for small business across the country. There's also no question that we got a long way to go."

" President Obama still tout the benefits of his economic stimulus but with unemployment nearing 10% and small business job growth virtually stagnant. Mr. Obama tried again to unlock credit for what he called cash starved mom and pop businesses. There's still too low credit flowing toward small businesses. The biggest move wind down government loans that rescued big banks and GM and Chrysler and use remaining TARP funds to boost community bank lending. These banks about 7500 around the country have assets of one billion dollars or less 56% of their loans go to local small businesses."

" These institutions put forth a plan to increase lending to small businesses. We will help them get the credit they need to do it at rates that are more affordable and the ones offered to our largest financial institutions."

" Many details remain to be worked out -- treasury in the Small Business Administration among them interest rates and qualification rules. Small businesses appreciate the help but -- access to credit is not their top concern."

" The heart of the problem is you sales are down profits are down. And small businesses are very reliant on net cash flow that's what keeps their business is going to cash flow is not there small businesses are gonna struggle."

" And Republicans warn the small businesses could suffer more under proposed health care reform taxes and insurance mandates than they stand to benefit from any increase government lending. The president offering. Bailout funds to small businesses while pushing a government takeover of health care. It's like getting a Christmas bonus right before you get a pink slip. Democrats see that need to emphasize job creation House Speaker Nancy Pelosi today invited economists to provide new ideas."

" It's it's about four words. And there are four letter word jobs jobs jobs and jobs. Republicans somewhat predictably called diplomacy efforts mr. Geithner says most of individuals she's meeting with today were those that felt that the initial stimulus attempt. It was going to stave off unemployment. And they set a goal of 8% unemployment would not go any higher than that. The Labor Department said today that Rhode Island Florida and Nevada set new records for joblessness or fourteen states across the nation that have unemployment rate to 10% or higher today. The Federal Reserve banks and its banks across the country noted. Stabilization or modest improvements in the economy but also noted severe problems in job creation bank lending and a falling commercial real estate market altogether Brett paint a picture of an economy that is recovering albeit a very painstakingly slow pace. Brett as your lot in the north long major."