Reid Again Pulls Small Business Bill After Parties Fail to Reach Accord

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Senate Majority Leader Reid, unable to strike a deal with Republicans on the content and number of amendments to be offered on a small business tax relief and lending bill (H.R. 5297), pulls the legislation from floor debate. Earlier, the Senate fails to invoke cloture on a substitute amendment (S. Amdt. 4519) that included a $30 billion lending pool for small community banks with assets less than $10 billion, $1.5 billion in agriculture disaster funds, and a repeal of the advanced earned income tax credit. The day ends with Reid advising his colleagues to “take a little time over the next couple of days [to] kind of cool down.”