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Obama to speed government payment to small businesses

Sep 14, 2011, 8:12 a.m.
U.S. President Barack Obama speaks alongside Small Business Administrator Karen Mills (L) at the White House's Rural Economic Forum in Peosta, Iowa, August 16, 2011. REUTERS/Jason Reed

ABOARD AIR FORCE ONE (Reuters) - President Barack Obama will announce plans on Wednesday to accelerate payments to small businesses with government contracts from 30 days to 15 days to expedite the funds and speed job growth.

White House press secretary Jay Carney also told reporters traveling with the president that the Democratic candidate's loss to a Republican challenger in a special New York congressional election on Tuesday was not a reflection on the Democratic Party's general election prospects.

"One election in what had been a Democratic seat is unique to that district," Carney said.

(Reporting by Steve Holland)

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