“Temporary” Ex-Im Extension?
As the Ex-Im Bank’s authorization expires at the end of September, crony capitalists on both sides of the aisle are clamoring for its reauthorization, including President Obama. The President addressed the reauthorization of Ex-Im in his weekly radio address this weekend saying, “If Congress fails to act, thousands of businesses, large and small, that sell their products abroad will take a completely unnecessary hit.”
Of course, by this he really means small business Boeing, which receives the vast majority of taxpayer-backed loan guarantees from Ex-Im.
With pressure mounting from fiscal conservatives and even new House Majority Leader Kevin McCarthy to end the program and since Congress literally has to do nothing to let Ex-Im expire, we may see it end, at least for now. A “Do-Nothing” Congress? Sounds like a dream come true.