More Republicans Join the Corporate Welfare Bandwagon

Friday, March 16th, 2012 and is filed under Blog, Economy, Issues

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Earlier in the week, we pointed out that Harry Reid wants to undermine a commonsense GOP jobs bill by attaching a reauthirization of the Import-Export Bank.  This bank uses taxpayer funds to extend loans to boost domestic exports.  The problem is that taxpayers are places on the hook for risky loans, ones from companies that the private sector obviously deems to tenuous to issue.  It is nothing more than picking winners and losers in the free-market.  Yet, Democrats want to extend the loan authority of the bank from $100 billion to $140 billion.

Eric Cantor already agreed to extending the bank for a year at $113 billion (yeah, I know, more pale pastels), yet that is not enough for some progressive Republicans.  This, from the Hill:

Sens. Lindsey Graham (R-S.C.), Richard Shelby (R-Ala.) and Mark Kirk (R-Ill.) are co-sponsoring legislation that Sen. Maria Cantwell (D-Wash.) is trying to attach to the House-passed JOBS Act.

The amendment extends the Ex-Im Bank through September 2015 and raises its loan limit to $140 billion from $100 billion. The bank’s charter runs out in May and it could hit its loan limit after March.

Can we have just one bill where Republicans will stand united for the free-market?  Not only are these Republicans supporting bad policy, they are helping Democrats attach it to a good bill that will reduce regulations and red tape on IPOs.  Now that bill will be toxic.  We’ve got a lot of work to do next week.