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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGOP Lawmakers Move To Block Program That Helps Small Businesses Boost U.S. Exports
Republican lawmakers are moving to block a job-creation package because it includes a provision that would help U.S. companies access the capital they need to sell their products and services abroad. The party of nos latest target is the U.S. Export Import Bank (ExIM) the government agency that provides loans, guarantees and insurance products to enable US companies, especially small businesses, to export.
The ExIm Banks charter caps its overall outstanding commitments at $100 billion and Senate Democrats are seeking to raise the cap to $140 billion and reauthorize ExIm for another four years.
But this doesnt sit well with conservative lawmakers. They object to the reauthorization calling Ex-Ims activities corporate welfare that distorts the free market. House Majority Leader Eric Cantor suggested that, instead of reauthorizing the bank, the U.S. talk to our major trading partners to get them to end subsidized export financing programs and other forms of export subsidies.
By all means, lets talk. But in the meantime, theres no need to pull the rug out from underneath firms and workers that export now. After all, at a time when millions of Americans are unemployed, we need to do everything in our power to create jobs by helping businesses export more not cut off their financing to do so.
Read more: http://thinkprogress.org/economy/2012/03/13/443980/gop-lawmakers-export-bank/
KT2000
(20,581 posts)is "small business." The GOP is there to protect corporations.
Maybe the president should bring out his cuts to tax breaks for the oil companies so we can see what they have to say to that!
Sen. Walter Sobchak
(8,692 posts)The present beef with ExIM is that the Obama administration is allowing ExIM to finance Boeing orders by US airlines where competing foreign aircraft offer aggressive export financing. GE Capital and AIG who dominate aircraft leasing in the US are very upset about this since ExIM offers much more favorable terms generally speaking, even to airlines that are 110% credit unworthy.