From The Washington Post -- July 30, 2010:
By Lori Montgomery
In a fresh blow to President Obama's jobs agenda, the Senate on Thursday shelved a plan to create a $30 billion loan fund for cash-strapped small businesses, delaying final passage of a top administration priority until September at the earliest.
Though Senate leaders in both parties were still working toward a compromise late Thursday, Senate Majority Leader Harry M. Reid (D-Nev.) said the Senate would not return to the bill until next week. Even if the Senate approved it, the bill would have to go back to the House, which is set to begin its August break on Friday.
The bill, which also includes $12 billion in business tax breaks and additional aid for state lending programs, has won the support of more than 100 business groups, including such traditional GOP allies as the U.S. Chamber of Commerce and the National Federation of Independent Business. Senate Minority Leader Mitch McConnell (R-Ky.) said that many Republicans also support many of the measure's provisions, which could aid a key political constituency, spur hiring and help reduce a 9.5 percent unemployment rate as lawmakers head into the November elections.
Nonetheless, the Senate failed again to advance the bill, as a united Republican caucus voted Thursday to continue to its filibuster after Reid and McConnell reached an impasse over the number of amendments that the GOP could offer.