As you know, the Club for Growth is locked in an intense battle against the reauthorization of the Export-Import Bank. On Wednesday, we released a video from President Obama’s 2008 presidential campaign that shows even him admitting that the Eximbank had become “little more than a fund for corporate welfare.”
Well the White House didn’t take too kindly to the Club exposing the blatant discrepancy between the President’s words and his actions and were forced to issue a response. Here’s what Reuters reported yesterday:
The conservative…Club for Growth distributed a video clip from Obama’s 2008 presidential campaign in which he described the bank as the type of government program he would curtail.
“There are some (programs) that have been duplicated by other programs that we just need to cut back – like waste at the Economic Development Agency and the Export-Import Bank that has become little more than a fund for corporate welfare,” Obama said at the campaign event.
Since then, Obama has touted the Eximbank as key to his administration’s goal of doubling exports and spoke two years ago at the bank’s annual convention.
The Obama administration is currently seeking a four-year renewal of the bank’s charter and wants to raise its credit exposure ceiling to $140 billion, from $100 billion currently.
A White House official, responding to Club for Growth’s effort to turn Obama’s words back on him, said by the time Obama took office in January 2009 the Eximbank was playing a vital role in financing U.S. exports after private sources of lending had dried up because of the financial crisis.
The White House response is flimsy at best and the Club is more committed than ever to continuing to fight this important battle.
Congress is now on a two-week break, but we suspect that legislation will be considered in late April to extend the Bank’s authority. We’ll keep you posted.
Yesterday, the House voted on two important budgets.
The first was the Ryan Budget, which takes 28 years to balance and waives the automatic spending cuts required under the August debt deal of last year.
The second was the fiscally conservative Republican Study Committee (RSC) Budget,which balances in five years and not only keeps the automatic spending cuts, but cuts even more.
A vote in favor of the RSC budget was a vote in favor of economic freedom. We encourage each of you to find out how your member of Congress voted on the RSC budget. If your member voted “YES”, that’s a good sign. If they voted “NO”, we encourage you to contact them and ask them why they refuse to vote as a fiscal conservative.
CLUB FOR GROWTH STORE
If you haven’t yet, please be sure to check out the new Club for Growth store! In addition to being able to show your support for the Club with Club-branded merchandise, the Club store is also where you can go to order the famous Club PAC “Green Stickers” and Club for Growth brochures (both free of charge!).
Finally, please consider supporting the Club’s efforts to stop the reauthorization of the Export-Import Bank and to continue the fight for real spending cuts and a budget that balances by making a generous contribution today. Thank you.
President, Club for Growth
2001 L Street, NW, Ste 600
Washington, DC 20036
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