Senate Votes on Paul Amendment to Export-Import Bank Reauthorization
WASHINGTON, D.C - Today, the U.S. Senate voted on a series of amendments to the Export-Import Reauthorization bill (H.R. 2072), including one introduced by Sen. Rand Paul that would prohibit Ex-Im financing to countries that own U.S. debt. The amendment failed, with a vote of 89-9.
Prior to the vote, Sen. Paul took to the Senate floor to describe the benefit of adopting his amendment and ending corporate welfare.
First, we borrow billions of dollars from China, India, and Saudi Arabia then we loan it back to them again.
Republicans rightly complain that we're sending taxpayer money to the President's major donors at Solyndra and Bright Source. Now Republicans need to be consistent and say we're not going to send Ex-Im loans to even bigger companies who are even more profitable.
If it is wrong for the government to choose winners and send your money to corporations, we should say it's wrong and we should vote against this.
Anybody remember the President threatening to increase taxes on corporate jets? Ex-Import banks are now going to increase the loans for corporate jets tenfold.
My amendment will stop this charade. My amendment will stop sending taxpayer dollars overseas to countries who we already are borrowing money from. It makes no sense, and the time has come to stop it.