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.

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