Obama signs Billion-dollar Bailout For Corp. Jet builders
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.