Republicans in Congress are finally coming to their senses when it comes to the Export-Import Bank and it was starting to look like subsidies for some of the biggest businesses in the US would come to an end. But the Democrats aren’t going to let Ex-IM and all of its corporate welfare go down without a fight, they’re going all in.
Word out of Capitol Hill is that the drama over funding the program may lead to a partial government shutdown later this year, as the politics on the issue have turned upside down.
For Republicans in the House, Ex-Im Bank funding has become a litmus test on whether the party is capable of ending taxpayer handouts to big business. House leaders such as Jeb Hensarling of Texas insist this should be a top priority if the party of limited government is going to have credibility with voters.
Veronique de Rugy of the Mercatus Center reports that the total taxpayer exposure to losses from Export-Import Bank loans now exceeds $100 billion.
What has made this current debate so fascinating to watch is how Democrats from Barack Obama to Nancy Pelosi have rallied so furiously to keep multibillion corporations on the dole.
The White House defends the Export Bank as “a jobs program,” and to listen to Pelosi, you’d think the fate of the middle class in America depends on the government continuing to provide subsidized insurance to such impoverished corporations as General Electric, Boeing, JPMorgan Chase and Caterpillar.
So, which party is the party of big business now?
Democrats say they want to get big money campaign contributions out of politics, but big donors are increasingly driving the party’s agenda. Pelosi and New York Sen. Chuck Schumer are trying to win corporate donors by pledging support for the bank.
Write a big enough check for the DNC, and your agenda goes right to the top of Pelosi’s play list, with any principles of good government being tossed out the window. (Read More)
Oh yeah, they really hate money in politics. Right, and I’m Mother Theresa.