baucus

WASHINGTON (AP) - The Senate passed long-delayed legislation Thursday designed to open up credit to small businesses and award them with other incentives to expand and hire new workers.

Democrats won a 61-38 vote to pass the legislation, joined by two Republicans. The measure would establish a $30 billion government fund to help open up lending for credit-starved small businesses, cut their taxes and boost Small Business Administration loan programs.

The tally gives President Barack Obama and his besieged Democratic allies in Congress a much-sought - but relatively modest - political victory with less than seven weeks to go before Election Day.

Obama said Thursday that the bill will help millions of small business owners across the country grow and hire. "These tax breaks and loans are going to help create jobs in the short term," he said.

The new loan fund would be available to community banks to encourage lending to small businesses. Supporters say banks should be able to use the fund to leverage up to $300 billion in loans.

BUTTE — Some of the biggest names in business said Monday that they see a bright future for the economy, with famed investor Warren Buffett declaring the country and world will not fall back into the grips of the recession.

"I am a huge bull on this country. We are not going to have a double-dip recession at all," said Buffett, chairman of Omaha, Neb.-based Berkshire Hathaway Inc. "I see our businesses coming back across the board."

Buffett said the same things that worked for the country through a century of two world wars, a depression and more — all while increasing the standard of living — will work again. He said banks are lending money again, businesses are hiring employees and he expects the economy to come back stronger than ever.

"This country works," Buffett said during a question-and-answer session via video at the Montana Economic Development Summit. "The best is yet to come."

Save the Date for the 2011
Sieben Ranch Barbecue & Hoedown!
 
Join U.S. Senator Max Baucus
August 13th...5:30 p.m.
At the Sieben Ranch
(20 miles north of Helena on Interstate 15)
 
This year's event will feature live music by The Nightcrawlers, delicious barbecue fare, Montana brews and fun for the kids.

Ticket Cost: $50/person

Kids under 12 attend for free