White House gives start-ups a boost
WASHINGTON - The Obama administration launched a consolidated effort to spur new start-up businesses yesterday, part of the White House's campaign to emphasize job creation while downplaying new economic spending initiatives that could face congressional opposition.
The new thrust will be led by AOL co-founder Steve Case, giving President Barack Obama's emphasis on the economy a second prominent business face in two weeks. Last week, the president named General Electric chief executive Jeff Immelt as head of a presidential advisory council on competitiveness.
With unemployment stubbornly stuck above 9 percent, the White House has drafted a series of initiatives designed to put job creation efforts on display. Yesterday's announcement, labeled "Startup America" by the White House, focused on innovation and entrepreneurship and combined administration programs already under way with new ideas to leverage private-sector investment in start-up businesses.
"Entrepreneurs embody the promise of America: the belief that if you have a good idea and are willing to work hard and see it through, you can succeed in this country," Obama said in a statement. "And in fulfilling this promise, entrepreneurs also play a critical role in expanding our economy and creating jobs."
The administration launched the project with a high-profile White House event with entrepreneurs, some of whom offered testimonials to the job creation possibilities that new businesses can bring to the economy.
Obama has scheduled a trip Wednesday to Pennsylvania State University to promote his innovation agenda. Last week, Obama focused on free trade. White House officials say Obama will be embracing thematic approaches to job creation over the next few weeks.
The White House said Obama's new budget this month will propose permanent elimination of capital-gains taxes on investments by small business. Congress passed a temporary version of the provision last year.
The Small Business Administration also will redirect $2 billion in assistance and specifically target start-up firms in underserved communities. And the Commerce Department will expand a program that helps market clean technologies.
Sarra Sounds Off Ep. 35: EI baseball, girls lacrosse and plays of the week On the latest episode of "Sarra Sounds Off," we look at East Islip baseball's inspirational comeback story, Jared Valluzzi has the plays of the week and Tess Ferguson breaks down the top defensive players in girls lacrosse.
Sarra Sounds Off Ep. 35: EI baseball, girls lacrosse and plays of the week On the latest episode of "Sarra Sounds Off," we look at East Islip baseball's inspirational comeback story, Jared Valluzzi has the plays of the week and Tess Ferguson breaks down the top defensive players in girls lacrosse.
