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Obama Signs $30 Billion Bill to Aid Small Businesses

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President Barack Obama has signed a $30 billion jobs bill, one he has long advocated for as a way to promote small business growth.

"Government can't guarantee success, but it can knock down barriers to success," the president said during the signing, adding that the law will help free up loans to small businesses and create eight new tax breaks for businesses.

Those breaks include write-offs for certain business expenses, like new equipment, and deductions on health insurance, the president said. The law will also extend loan programs under the U.S. Small Business Administration, Obama said.

It's been a prolonged struggle to gain final approval on the bill, which was stalled in the Senate for months, the president said. It finally passed last week, when two Republican senators joined Democrats to push the legislation through Congress; Obama thanked them for supporting the measure.