Last week Senator Ted Cruz (R-TX) blew up on the floor of the Senate after Democrats and the GOP RINOs led by Mitch McConnell (R-KY) were able to force through a bill reauthorizing the Export-Import Bank. While McConnell denied having made any deal, the evidence against him and the other Republican “leaders” was overwhelming. They were taken to task by conservatives across the country. Many conservatives applauded Cruz’s outburst and stood with him as he called for change. Thankfully, conservatives in the House were listening to Cruz and the rest of us; they responded on Thursday by choosing to not revive the Export-Import Bank!
Ted Cruz offered his colleagues in the House a hearty “well done” upon hearing the good news.
U.S. Sen. Ted Cruz (R-Texas) today issued the following statement regarding the Senate’s final passage of a long-term highway reauthorization bill. Immediately following its passage, the Senate approved a three-month highway extension, which the House passed earlier in the week. This short-term extension did not include a provision to resurrect the Export-Import Bank and has been sent to the president for his signature.
“Today was a major win. Just one week ago, the Washington Cartel was certain that the Export-Import Bank — a quintessential example of cronyism and corporate welfare — would be reauthorized. The fix was in. And yet, after a long battle on the Senate floor, as Mark Twain might say, reports of Ex-Im’s revival were greatly exaggerated.
“The House stood strong and refused to reauthorize the Export-Import Bank. And, today, the Senate was forced to relent and pass a three-month extension in the Highway bill, without reauthorizing the Export-Import Bank.
“I commend House conservatives for their strong leadership. This Fall, no doubt, the Washington Cartel will make yet another run at reviving Ex-Im. Lobbyists will descend on Congress, doling out checks and trying to extend hundreds of billions of dollars of taxpayer loan guarantees to a handful of giant corporations. But, if the House continues to demonstrate their courage of their convictions, together we will make permanent a major victory for hard-working taxpayers. No more cronyism; instead, opportunity for all, and favoritism towards none.”
“We’re really frustrated,” said Tyler Schroeder, a financial analyst at the 265-employee company Air Tractor, which makes firefighting and agricultural aircraft and is based in the 3,000-person town of Olney, Texas. “We’re at a loss how Congress can literally go on vacation and just say, ‘Good luck, guys.’”
However frustrated Mr. Schroeder might be doesn’t begin to measure how frustrated taxpaying Americans are that our money goes to companies like his and Boeing, helping them get a leg up on their competition. If their businesses cannot survive in the market then the sad truth is that they should fail, they don’t deserve to be in business if they need our help to be there. Proponents also complain that this will give foreign businesses a boost because American companies will now be a t a disadvantage… but the easy solution to this disadvantage is to lower corporate tax rates and export tariffs to make it cheaper for companies to operate in America! The answer is not and never has been to take our taxpayer dollars to take sides in business ventures where companies like Boeing are handed our money but their competitors are forced to get it the old-fashioned way – through hard work and dedication.
Ohio Rep. Jim Jordan (R-OH) may have said it best.
“This is great news for families and taxpayers,” he told POLITICO in a statement. “Every day that goes by without the Ex-Im Bank being resurrected means it is more likely that it permanently ends. … This is the kind of example of good governance that I am excited to tell my constituents about during the August recess.”
Good riddance to Ex-Im Bank.