Study Shows Bush Rejected More Storm Loans than Any Admin in 15 Years

Study Shows Bush Rejected More Storm Loans than Any Admin in 15 Years
March 14th, 2006 @ 9:32 pm

A new report, expected to be released tomorrow, shows that the White House has “rejected hurricane disaster-recovery loans at a higher rate than any other administration in the last 15 years, according to a congressional study by Democrats.”

According to the report by Democratic members of the House Small Business Committee, “business and home loan approval rates averaged about 60 percent after Hurricane Andrew devastated much of south Florida in 1992.” The trend continued through the rest of Bush Sr.’s administration and on into the Clinton administration. However, after Hurricane Wilma hit south Florida last year, “the approval rate for low-interest, taxpayer-guaranteed loans by the Small Business Administration had dropped to barely 15 %, under the Bush Jr. administration. Democrats said, that overall approval rates for home and business disaster loans since 2004 have averaged about a meager 35 %.

“This was a monumental disaster, and it requires a monumental response,” said New York Rep. Nydia Velazquez, the panel’s top Democrat. “That hasn’t happened. People are suffering, and it’s the SBA’s role to provide assistance.”

MORE & LINKS - http://blog.thedemocraticdaily.com/?p=2270

Refund denied. W has his priorities. Never forget that for a moment.