The $447 billion jobs package that President Obama unveiled Thursday night during a speech to a joint session of Congress doesn't include support for raising the cap on member business loans.
Obama's proposal includes tax cuts and additional government spending aimed at encouraging businesses to hire more employees and to bring down the unemployment rate, which is currently 9.1%, according to the Labor Department.
CUNA, NAFCU and the congressional sponsors of the legislation had all encouraged Obama to include the MBL hike – from 12.25% of assets to 27.5% of assets – in his proposal. And credit union allies can still try to include the measure as the legislative package moves through Congress.
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