Who is for Corporate welfare? Well lets find out. Heres a story back in April where the Republicans was blaming Democrats of handing favorable tax credits to certain businesss in particular the Export-Import Bank. The battle over the Export-Import Bank has been joined. Sen. Pat Toomey, R-Pa., of the Banking Committee took to the Senate floor today to critique the federal agency, which subsidizes U.S. exports by backstopping private bank loans to foreign companies and governments. Toomeys speech comes on the occasion of a nomination for the Ex-Im Board and it follows yesterdays rally House Democrats held in support of the agency. Toomey spoke of the taxpayers ballooning exposure via Ex-Im and the agencys noted weaknesses in risk management. Although the agency funds itself through fees and interest payments, Toomey argued, Taxpayers are systematically subsidizing the activities of the Ex-Im Bank. Toomey also argued: The nature of this process inevitably creates winners and losers back home, pointing out that foreign airlines, which compete with U.S. airlines, get U.S. subsidies. Toomey stopped short of advocating the agencys abolition, instead saying, I hope were going to make some very significant changes when we get to the reauthorization debate in the fall. Later, however, Toomey called for a trade process aimed at the mutual and reciprocal phasing out of subsidies like Ex-Ims. The agencys authorization expires Sept. 30. If Republicans go against the Democrats, who want an easy reauthorization, this could be a central fight of the 2014 midterm elections, with the GOP battling against corporate welfare and Democrats pushing the corporatist line. Now if this is true and Republicans are against corporate welfare they now have the house and senate and should have no problem doing something to end this. I will be watching. I hope to see my fellow conservatives will do the same and politician not towing the conservative line should be cut. Only then will our country get back on track.
Posted on: Tue, 18 Nov 2014 01:26:09 +0000
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