Obama addresses small business growth in State of Union address

In his recent State of the Union speech, President Barack Obama called for a reduction of regulations levied against small businesses, noting that while the sector is the country's primary job creator, workforce expansion is being curtailed by excessive regulations.

"Let's pass an agenda that helps them succeed," the president said. "Tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow (and) expand tax relief to small businesses that are raising wages and creating good jobs."

A recent poll conducted for the U.S. Chamber of Commerce by Harris Interactive found that more than three-quarters of surveyed small business owners believe taxation, regulation and legislation act as obstacles to hiring, with 74 percent reporting that the recent healthcare law was an additional barrier.

The president noted that both Democrats and Republicans support the idea that expanding tax relief and removing barriers to financing are the key to cultivating small business employment, and urged legislators to draw up a bill that facilitates these actions.