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Velazquez: Republican Budget Proposal Would Slash Billions in Aid to Small Businesses

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TWC News: Velazquez: Republican Budget Proposal Would Slash Billions in Aid to Small Businesses
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House Democrats are warning that the Republican budget proposal would cost New York thousands of jobs.

Rep. Nydia Velazquez says that's because the plan would slash billions of dollars in assistance to small businesses.

Everything from loans to job training would see the budget ax as part of the Republican plan to reduce spending by $5 trillion over the next decade.

"It will have a negative impact on small businesses. It will affect the ability of small businesses to get federal contracts," Velazquez said. "For example, for New York, it will represent $1 billion in less lending to small businesses, $4 billion in contracting opportunity for small businesses. It means that we will lose over 300,000 jobs in the next 10 years."

Specifically in New York City, Velazquez estimates that a little more than 8,000 jobs would be lost.

The budget is expected to get a vote Thursday.

It is likely to pass the House but go nowhere in the Democratic-controlled Senate. ClientIP:, UserAgent: CCBot/2.0 ( Profile: TWCSAMLSP