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Obama signs reauthorization of Export-Import Bank despite earlier opposition

May 31, 2012
Susan Crabtree, Washington Times
5/30/2012

President Obama on Wednesday reauthorized the Export-Import Bank, raising its lending authority 40 percent to $140 billion by 2014, one day before the 78-year-old federal bank would have been shut down had he not signed the bill.

Increasing the bank’s lending power ensures “that we’re not just known as a nation that consumes,” the president said at a signing ceremony. “We’ve got to be a nation that produces.”

Republicans quickly accused the president of hypocrisy, pointing out that he had called the bank “little more than a fund for corporate welfare” during the 2008 campaign and promised to eliminate it.

They also reminded voters that despite Mr. Obama’s longtime disdain for corporate jets and corporate jet owners, the bill includes $1 billion in subsidies for jet manufacturers, which have experienced a steep decline in demand in recent years.

And now… the rest of the story. …..

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