News / Economy

US Small Businesses Applaud Bipartisan Budget Deal

Small Businesses Applaud Bipartisan Budget Deali
X
December 12, 2013 12:53 AM
An advocacy group representing small businesses in the United States has applauded the bipartisan budget agreement crafted by congressional leaders and announced late Tuesday. The deal does not address all the challenges facing small businesses, but if approved, the two-year agreement could reduce the acrimony and political brinksmanship that have damaged business and consumer confidence. Mil Arcega has more for VOA.
An advocacy group representing small businesses in the United States has applauded the bipartisan budget agreement crafted by congressional leaders and announced late Tuesday. The deal does not address all the challenges facing small businesses, but, if approved, the two-year agreement could reduce the acrimony and political brinksmanship that have damaged business and consumer confidence.

It’s been hailed as a bipartisan breakthrough - an 11th hour [last minute] deal that Democratic Senator Patty Murray said removes the threat of another fiscal crisis - like the one that partially shut down the federal government for 16 days in October, and cost the U.S. economy billions of dollars in lost wages and revenue.

“Because of this deal, the budget process can now stop lurching from crisis to crisis,” said Murray.

It's far from a done deal. The Senate and the House of Representatives still have to approve the agreement, said Republican Congressman Paul Ryan. “I see this agreement as a step in the right direction. In divided government, you don’t always get what you want,” he said.

What it does is raise domestic and defense spending, eliminating more than $60 billion in across the board spending cuts - known as the sequester - without raising taxes.

Reaction from the business community has been mostly positive.

John Arensmeyer, CEO of the Small Business Majority, said the deal could help reduce some of the uncertainty created by a dysfunctional Congress. “And quite frankly, the mood changed dramatically in the last 24 hours with the news that there is a budget deal that’s going to hold us for the next two years.”

Not everyone likes it. Some Democrats say the deal does not extend long-term unemployment benefits, set to expire at the end of December. And Republicans say it does not do enough to reduce the nation's growing deficit.

Arensmeyer said lawmakers need to do more. "I mean, it’s great that we have this budget deal. Now we want to see Congress step up and focus on tax reform, focus on immigration, focus on some other issues."

Back from his recent visit to South Africa, President Barack Obama admits the deal is far from perfect - but he called it “a good first step.”

The deal trims only about $23 billion from the annual deficit and does not address the separate issue of the debt ceiling. Unless Congress raises the nearly $17 trillion debt limit, the U.S. Treasury says the government could run out of money to pay its obligations by the middle of February.

You May Like

US Investors Eye IPO for China's Alibaba

E-commerce giant handled 80 percent of China's online business last year, logging more Internet transactions than US-based Amazon.com and eBay combined More

Video Uneasy Calm Settles Over Israel, Gaza Strip

As cease-fire begins, Palestinians celebrate in streets; Israelis remain wary More

Video Chinese Doctors Use 3-D Spinal Implant

In treatment of a 12-year-old boy Chinese doctors used a 3-D printer and special software to create an exact replica of vertebra More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Chinese Doctors Use 3-D Spinal Implanti
X
August 27, 2014 4:53 PM
A Chinese boy suffering from a debilitating bone disease has become the first patient with a part of his spine created in a three-dimensional printer. Doctors say he will soon regain normal mobility. VOA’s George Putic reports.
Video

Video Chinese Doctors Use 3-D Spinal Implant

A Chinese boy suffering from a debilitating bone disease has become the first patient with a part of his spine created in a three-dimensional printer. Doctors say he will soon regain normal mobility. VOA’s George Putic reports.
Video

Video Uneasy Calm Settles Over Israel, Gaza Strip

Israel and the Gaza Strip have been calm since a cease-fire set in Tuesday evening, ending seven weeks of hostilities. Hamas, which controls Gaza, declared victory. Israelis were more wart. VOA’s Scott Bobb reports from Jerusalem.
Video

Video India’s Leprosy Battle Stymied by Continuing Stigma

Medical advancements in the treatment of leprosy have greatly diminished its impact around the world, largely eliminating the disease from most countries. India made great strides in combating leprosy, but still accounts for a majority of the world’s new cases each year, and the number of newly infected Indians is rising - more than 130,000 recorded last year. Doctors there say the problem has more to do with society than science. VOA News reports from Kolkata.
Video

Video Northern California Quake: No Way to Know When Next One Will Hit

A magnitude 6.0 earthquake rocked northern California’s Napa Valley on Sunday. Roads twisted and water mains burst. It was the wine country’s most severe quake in 15 years, and while hospitals treated many people, no one was killed. Arash Arabasadi has more from Washington on what the future may hold for those residents living on a fault line.
Video

Video Scientists Unlock Mystery of Bird Flocks

How can flocks of birds, schools of fish or herds of antelope suddenly change direction -- all the individuals adjusting their movement in concert, at seemingly the same time? British researchers now have some insights into this behavior, which has puzzled scientists for a long time. VOA's George Putic has more.
Video

Video Ukraine: Captured Troops Proof of Russian Role in Separatist Fight

Ukrainian officials say they have captured Russian soldiers on Ukrainian territory -- the latest accusation of Moscow's involvement in the conflict in eastern Ukraine. VOA's Gabe Joselow reports from the Ukrainian side of the battle, where soldiers are convinced of Russia's role.
Video

Video Rubber May Soon Come From Dandelions

Synthetic rubber has been around for more than a century, but quality tires for cars, trucks and aircraft still need up to 40 percent or more natural rubber content. As the source of natural rubber, the rubber tree, is prone to disease and can be affected by bad weather. So scientists are looking for replacements. And as VOA’s George Putic reports, they may have found one in a ubiquitous weed.
Video

Video Jewish Life in Argentina Reflected in Yiddish Tango

Jewish people from across Europe and Russia have been immigrating to Argentina for hundreds of years. They brought with them dance music that were eventually mixed with Argentine tango. The result is Yiddish tango -- a fusion of melodies and cultural experiences that is still evolving today. Elizabeth Lee reports from the Skirball Cultural Center in Los Angeles, where one band is bringing Yiddish tango to an American audience.

AppleAndroid

World Currencies

EUR
USD
0.7537
JPY
USD
103.79
GBP
USD
0.6032
CAD
USD
1.0957
INR
USD
60.522

Rates may not be current.