President Barack Obama wrote a letter to congressional leaders, requesting them to move quickly to build momentum for economic recovery. In his letter, Obama stated that the small-business legislation he called for “includes a new lending initiative to help creditworthy firms access loans through community banks and innovative state partnerships,” in hopes small businesses gain greater incentives to inspire job creation and economic growth.
He explained the importance of the small-business sector and its growth over the past 18 months. Within the first five months of the year 2010, Obama wrote, almost 500,000 jobs have been created within the private sector. His plan to move the small-business legislation forward will further the private sector’s recovery.
The president also touched upon the importance of cost-effective ways to reduce the steps taken toward the replacing the number of jobs that have been lost. He reiterated the importance of Medicaid FMAP, Recovery Act program and the Teacher Firing Prevention Fund to be passed through the Senate, three measures that would “jump-start private sector job creation, avoid massive layoffs at local and state levels and help the unemployed.”
Along with these initiatives, Obama explained the importance of building a sustainable financial position to further climb out of the economic downturn. He wrote: “While robust economic growth is essential for achieving deficit reduction we must also take additional steps to establish a fiscally sustainable budget path over the medium-and long-term. That is why, as we move forward, we must continue to ensure that investments are made as efficiently as possible. I have called for a three-year freeze in non-security discretionary spending – which Democratic and Republican Congressional leadership embraced at our bipartisan meeting – and a fee on the largest Wall Street firms to eliminate any increase in the cost of TARP to the deficit.”
The president’s letter went to House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, along with House Republican leader John Boehner and Senate Republican Leader Mitch McConnell.