News from Ranking Member Sam Graves and Committee Republicans: (Please send any member media activity to Kelly.Hoffman@mail.house.gov)

• Ranking Member Sam Graves (R-MO) “Reaction to the State of the Union”

• Ranking Member Sam Graves (R-MO) spoke on the House floor on H.R. 4508 "To provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958." View the clip here

• Rep. Roscoe Bartlett (R-MD) “Roadmap to America’s Future Offers Positive Solutions While President’s State of the Union Deepens Distrust” 

• Rep. Steve King (R-IA) “Unveils Declaration of Health Care Independence”

• Rep. Todd Akin (R-MO) signed “Declaration of Health Care Independence”

• Rep. Vern Buchanan (R-FL) in the Bradenton Herald proposes ‘10 jobs plan

• Rep. Vern Buchanan (R-FL) on ABC 7 “Announces Five Point Jobs Plan”

• Rep. Vern Buchanan (R-FL) “Urges President To Focus On Jobs And Economy”

• Rep. Blaine Luetkemeyer (R-MO) “Political Promises Won't Create Jobs, Help Economy”

• Rep. Blaine Luetkemeyer (R-MO) op-ed “Balanced Budget”

Must-Reads from the Week:

• CNN Money: Main Street frustration: 'Everything is going to banks'

• Wall Street Journal: White House Plans to Lend $30 Billion to Small Banks

• CNN Money: Business owners brace for another rough year

• Business Week: Mandatory IRAs May Burden Small Employers, Business Group Says

• Business Week: A 'Systemic Shift' in Small Business Lending

Administration and the SBA:

• On Wednesday, January 27, 2010, President Barack Obama delivered his State of the Union address. The President focused on job creation and the economy. He called for a jobs bill to include $30 billion in repaid TARP funding in order to help community banks get credit to small businesses.  In addition, the President proposed a new tax credit for small businesses who hire new workers along with elimination on capital gains taxes on small business investments.  With concerns over the growing debt, President Obama also highlighted his proposal to freeze nonmilitary, discretionary spending over a three year period. He also listed climate change, immigration reform, trade agreements, education, and healthcare reform as other items important for Congress to address this year.

• Newly elected Virginia Governor Bob McDonnell delivered the Republican Address to the nation following the State of the Union Address. In his speech, Governor McDonnell laid out the Republican plans for creating jobs. While he agreed with the President that job creation was a top priority, Governor McDonnell was critical on the Democrats massive spending spree, the rising deficit and unemployment rate. McDonnell cited an expanding federal government for threatening the nation's ability to create jobs as well as "our very liberty and prosperity." He emphasized that the federal government should not pile on more taxes and regulation that will kill jobs and hurt the middle class.

• On Friday, President Obama unveiled a proposal to give a tax credit of up to $5,000 to small businesses for every new employee they add to their payrolls this year. A separate measure would balance the additional Social Security taxes that employers pay for boosting wages or hours of existing workers. Both programs combined would cost an estimated $33 billion.  Although Republicans consider lowering taxes the best way to spur growth, GOP members believe that temporary wage subsidies will not help small businesses hire new employees until there is increased demand for their products. Republicans support a permanent cut in tax rates.

Review of House Activity:

• On Wednesday, the House approved H.R. 4508 “To provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958."  The bill is an extension that prolongs the authorization of all programs authorized by the Small Business Act, the Small Business Investment Act, and any program operated by the Small Business Administration for which Congress has already appropriated funds.  This extension will last until April 30, 2010.  The Senate is expected to act on this extension.

• Also on Wednesday, the House passed H.R. 3726 and H.R. 4474. H.R. 3726 would establish the Castle Nugent Farms National Historic site in the U.S. Virgin Islands as a unit of the National Park Service (NPS). H.R. 4474 would authorize the Secretary of Interior to extend permits which allow the owners of certain water storage and diversion facilities on protected National Forest System land to operate water facilities in Idaho.

Review of Senate Activity:

• The Senate approved on Thursday a $1.9 trillion boost in the debt ceiling. The bill, which passed 60 to 39, would establish the new limit at $14.3 trillion -- equal to about $45,000 for every American.

• On Thursday, the Senate voted 70 to 30 to confirm Ben S. Bernanke to a second term as Federal Reserve chairman.

Other Small Business News off the Hill:

• National Association of Manufacturers published “Jobs for America”

• The Independent Petroleum Association of Mountain States (IPAMS) released a letter to President Obama “Punitive Tax Hikes Will Cost Jobs and Limit Economic Growth.”

• The Heritage Foundation released a study on the “Davis-Bacon Act (DBA)”

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