This was a bad week in the U.S. House of Representatives for economic conservatives.
While a small and dedicated contingency of pro-growth, limited government champions were hard at work trying to protect our economic freedom, the majority of Representatives - including an alarming number of Republicans - were busy spending your hard-earned tax dollars. One of the most egregious affronts being the reauthorization of the Export-Import Bank.
The Ex-Im Bank is nothing more than a government-run slush fund for corporate welfare. Nearly half of all its subsidies go to the massive company, Boeing. Most of the other half is split amongst companies that have either close political ties or good lobbyists. Since it subsidizes exports, we like to call it the "Fannie Mae of international trade."
President Obama asked for a 40% increase in the bank's lending authority. The GOP leadership, in what they audaciously referred to as a "compromise" with House Democrats, agreed to a bill that would not only reauthorize the Bank, but would also increase its authority by the 40% requested by Obama! Among Republicans, the vote was 147-93 in favor of the bill. It passed 330-93.
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