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Senate votes to move forward on small business investment bill, could reach Obama soon
WASHINGTON (AP) ' Legislation to help small businesses raise money has survived a test vote in the Senate, increasing the chances it soon could be headed to President Barack Obama.
The legislation passed the House two weeks ago by a huge margin. But it appeared in danger Tuesday when Senate Republicans rejected Democratic attempts to strengthen investor protections.
Wednesday's Senate vote to cut off debate and move the legislation toward passage was 76-22, well past the 60-vote threshold.
Democrats suggested they still might try to amend the bill to strengthen what they see as weak investor protections.
The legislation relaxes some federal rules to make it easier for small companies and startups to attract investors and go public.