By ANDREW TAYLOR
Associated Press Writer
WASHINGTON – The Senate passed long-delayed legislation Thursday designed to open up credit to small businesses and award them with other incentives to expand and hire new workers.
Democrats won a 61-38 vote to pass the legislation, joined by two Republicans. The measure would establish a $30 billion government fund to help open up lending for credit-starved small businesses, cut their taxes and boost Small Business Administration loan programs.
The tally gives President Barack Obama and his besieged Democratic allies in Congress a much-sought – but relatively modest – political victory with less than seven weeks to go before Election Day.