Congress Sends Small-Business Bill to Obama

As expected, the House swiftly followed the Senate's lead, approving the small-business bill on Thursday by a vote of 237-187, AOL Small Business reported.

The long-delayed bill now goes to President Obama, who previously scolded Republicans for holding up the bill. Opposition Republicans had dubbed the bill "junior TARP."

"After months of partisan obstruction and needless delay, I'm grateful that Democrats and a few Republicans came together to support this common-sense plan to put Americans back to work," Obama said in a statement Thursday.

The $42 billion bill aims to increase and ease loans to small businesses, primarily through a $30 billion federal fund, and cut small-business taxes by $12 billion over the next decade.

"The small-business jobs bill passed today will help provide loans and cut taxes for millions of small-business owners without adding a dime to our nation's deficit," Obama said. He plans to sign the bill on Monday.