Iowa senators split on votes for credit act

Tyler Kingkade

The Small Business Jobs and Credit Act of 2010 passed the U.S. Senate this week with a vote of 61-38. The bill creates a $30 billion fund to provide small banks, those with assets under $10 million, and included $12 billion in tax breaks. Supporters said the legislation would help ease the credit crunch by providing more capital.

Sen. Tom Harkin (D-Iowa) voted yes on the bill, however, Sen. Charles Grassley (R-Iowa) voted no. The two Republican senators to break ranks are both leaving the Senate this year, George Voinovich of Ohio and George LeMieux of Florida.

A provision that did not make it through the Senate was a “payroll tax holiday.”

The bill now goes back to the House of Representatives to vote to accept Senate changes.

Harkin and Grassley were also split on confirmation of Jane Branstetter Stranch, of Tennessee, to be U.S. Circuit Judge for the Sixth Circuit. Branstetter was confirmed 71-21, and eight did not vote. Harkin voted yes, Grassley voted no.

“Don’t Ask, Don’t Tell” will face its first key vote Tuesday when the Senate votes on a “motion to proceed” with the Defense Authorization Bill, which tucked in DADT. If the vote passes the Senate, it’s not clear whether the bill will pass before adjourning for the next recess.