WDET News
- Top Obama Economist Says New Loans Will Help Detroit
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Feb 5, 2010Automotive & BusinessA top advisor to President Obama says a new business initiative proposed by the Administration will help ease the unemployment crunch in Michigan.
Christina Romer
WDET’s Quinn Klinefelter has more…
In recent weeks the President has pushed measures he says will help small companies hire more workers.
The Obama Administration has long said small business will be the leader in creating new jobs.
Now Mr. Obama is proposing to bolster small firms…by temporarily tripling the limit on so-called “express” loans available to them…from the current 350-thousand dollars to a new cap of one million dollars.
The President’s chief economist – Christina Romer – said during a conference call that the loans could help reverse rampant unemployment in Metro Detroit and the entire state.
“Even in a state like Michigan that I know has had just…you know…a terrible two years…there are firms that are growing. Right? There are new businesses forming. This is a remarkably dynamic economy even in very tough times. And so…I think one of the ways that we’re thinking about this is this one piece of the program is aimed at supporting those firms that we do think are gonna be the backbone of a lot of the job creation.”
Congress must approve the new limit on express loans…however.And some Republican lawmakers have questioned whether the Administration’s moves will help companies…or simply increase the federal debt.