News / Economy

Obama Urges Renewal of US Export-Import Bank

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

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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Comment Sorting
by: Donald Fraser Miles from: Elliot Lake, Canada
August 24, 2014 7:33 AM
There was a time when the USA was the lead exporter in the world. Made in the USA was a hallmark of quality and the strength of the American economy globally. That can happen again and continue. Legislation which encourages through financial enabling to purchase American exports and reducing American costs of production through such things as lowering energy production related costs will further this objective of stronger export reach. Not war but business and economic rationalization through addressing the costs and efficiencies of production within a plan of reaching and enabling export markets with high quality goods is the best route to improved American economic performance with its concomitant effects in improved social and defence security.

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