Tags: Ted Cruz | Ted Cruz | willing | filibuster | stop | Export-Import Bank | reauthorization

Cruz Threatens Filibuster to Stop Reauthorization of Export-Import Bank

Image: Cruz Threatens Filibuster to Stop Reauthorization of Export-Import Bank
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By    |   Wednesday, 15 Jul 2015 06:35 PM

Another Ted Cruz filibuster could be forthcoming in the Senate, with the Texas Republican saying Wednesday he'll do what it takes to stop the Export-Import Bank's reauthorization.

"I am willing to use any and all procedural tools to stop this corporate welfare, this corruption from being propagated," Cruz said, according to The Daily Signal.

The Highway Trust Fund expires July 31, and lawmakers could attach an amendment to its renewal that would give new life to the Export-Import Bank, which lost Congressional authorization on July 1.

The House, however, approved a five-month extension of the Highway Trust Fund Wednesday, legislation that does not include anything about the Export-Import Bank.

The Export-Import Bank handed out loans and loan guarantees to foreign countries in exchange for buying American-made products. The bank still manages its existing business but is not allowed to dole out new loans.

The bank currently has more than $100 billion in outstanding loans and guarantees.

Sen. Mike Lee of Utah agreed with Cruz regarding the bank.

"I think those of us who oppose it will continue to use any and all procedural tools at our disposal in order to oppose it," Lee said, reports The Daily Signal.

Critics of the bank, which first opened in 1934, think it's a form of crony capitalism and would like it to go out of business.

"It is the purest form of corporate welfare, where you have a government agency that basically exists to subsidize Boeing airplanes and GE engines and Caterpillar tractors," Dan Holler of Heritage Action for America said last month.

Jim DeMint, president of The Heritage Foundation, sent a letter to small business leaders  about his dislike for the bank.

"The Export-Import Bank is unknown to most Americans, probably because it doesn't help most Americans," DeMint wrote. "It's a government program that funnels our tax dollars into loans, loan guarantees, and insurance for foreign companies and governments so that large corporations such as Boeing and General Electric can score more business overseas.

"Ex-Im has a history of mismanagement and fraud, but the big players who benefit from taxpayer subsidies are trying to keep Ex-Im going by telling Congress that the program helps small businesses.

"I want to set the record straight: only about 20 percent of Ex-Im financing benefits small businesses."

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Another Ted Cruz filibuster could be forthcoming in the Senate, with the Texas Republican saying Wednesday he'll do what it takes to stop the Export-Import Bank's reauthorization. I am willing to use any and all procedural tools to stop this corporate welfare, this...
Ted Cruz, willing, filibuster, stop, Export-Import Bank, reauthorization, corporate welfare
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Wednesday, 15 Jul 2015 06:35 PM
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