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Obama Urges Renewal of US Export-Import Bank

  • VOA News

FILE - U.S. President Barack Obama, Aug. 14, 2014.

FILE - U.S. President Barack Obama, Aug. 14, 2014.

U.S. President Barack Obama says more small businesses than ever are selling their products aboard, but that could all change unless Congress takes action.

The president said Saturday in his weekly address that unless Congress renews the charter of the U.S. Export-Import Bank, nearly 300,000 businesses could lose their international markets. The bank provides loans, loan guarantees and credit insurance to foreign buyers of U.S. products.

He said lawmakers have reauthorized the charter 16 times because the bank works and pays for itself.

Some Republicans lawmakers who supported the bank in the past, now want to put it out of business.

President Obama said if Congress fails to act, thousands of businesses will take "a completely unnecessary hit."

In the Republican address, party chairman Reliance Priebus says there will be less government spending, flexible health care and better education under complete Republican control of Congress. The party needs to pick up six seats in the November elections to win back the Senate.

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