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House GOP to Senate: We’re not taking up your highway bill
The Hill ^ | July 27, 2015 | Scott Wong

Posted on 07/27/2015 12:35:31 PM PDT by Cincinatus' Wife

The House will not vote on a multi-year Senate highway bill that revives the now-expired Export-Import Bank, House Majority Leader Kevin McCarthy (R-Calif.) said Monday.

“We’re not taking up the Senate bill,” McCarthy declared to a roomful of reporters in his office.

Instead, McCarthy urged the Senate to take up a short-term House-passed bill which extends federal highway funding for five months, without renewing the Ex-Im Bank charter. He called the House bill the “best option” for Congress before money for highways, bridges and mass transit runs out on Friday.

McCarthy’s declaration is a blow not only to the Senate, where Majority Leader Mitch McConnell (R-Ky.) and Sen. Barbara Boxer (D-Calif.) had teamed up to craft the bipartisan, long-term highway bill.

It’s also a blow to backers of the Ex-Im Bank, who had hoped the 81-year-old institution would be revived by catching a ride on the back of the Senate transportation bill. The charter for the bank, which provides loan guarantees to help U.S. corporations sell goods overseas, expired on June 30.

The Senate transportation bill authorizes highway funding for six years, but only provides three years in funding.

McCarthy, who controls the House floor schedule, said the lower chamber plans to leave for the August recess on Thursday. And he said it’s not fair for the Senate to send the House a massive 1,000-plus-page bill just days before the funding deadline.

Upon hearing about McCarthy’s remarks, Boxer, shot back at the fellow Californian, saying the House should follow the Senate’s lead and stay in session a week longer rather than decamp for the summer recess.

“You know what, we’re staying an extra week in August. You can stay an extra week in August. That’s not such a terrible thing,” Boxer said in a speech on the Senate floor.

McCarthy “says don’t send us a bill because we’re going home. Well, that’s their choice.

“If the House chooses to go out on vacation or a work period of whatever they do, that's their business. But it's our job to fix the problems we're facing,” Boxer said.

Another way out of the funding mess is an even shorter-term highway bill, perhaps one that provides just two or three months of transportation funding. McCarthy didn’t rule out that possibility, but he made clear his chamber had already passed a more-preferable five-month patch that gives Congress enough time to hammer out a longer-term, House-Senate deal.

“The five-month extension is the best bill to have so you can get a long-term bill that is fully paid for,” McCarthy said.

This story was updated at 3:23 p.m.


TOPICS: Business/Economy; Extended News; Government; News/Current Events; US: California; US: Kentucky; US: Massachusetts; US: Texas; US: Utah
KEYWORDS: 2016election; barbaraboxer; california; doddfrank; eib; election2016; elizabethwarren; exim; exportimportbank; fauxahontas; glasssteagall; highwaybill; house; kentucky; kevinmccarthy; lieawatha; massachusetts; mikelee; mitchmcconnell; senate; tedcruz; texas; utah
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To: Cincinatus' Wife

Boner will sneak in a vote at 11:59 on Wednesday night.
This is all kabuki.


41 posted on 07/27/2015 1:13:59 PM PDT by rainee (Her)
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To: rainee

possibly.....


42 posted on 07/27/2015 1:14:26 PM PDT by Cold Heat (For Rent....call 1-555-tagline)
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To: JerseyRepub
This is why, with all due respect, Sen. Cruz was out of line. I appreciate his passion, but he doesn’t know or chooses not to know how the game is played.

The 'game' is played so that both Democrats and New Democrats (Republicans) get increasing taxes, less freedoms for us, and a swelling state.

Screw the game. Cruz was right, and right in line, and represents ME.

43 posted on 07/27/2015 1:16:38 PM PDT by Lazamataz ("In a very short period of time, these will be the good old days." -- unknown Freeper, 2015)
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To: Cincinatus' Wife
McCarthy [to Boxer] “says don’t send us a bill because we’re going home.

It's what I just posted to another thread, the Left's strategy of governing by manufactured crisis, versus Republican's tendency towards appeasement.

I do hope the House can stop McConnell's tree-filled bill for now so Cruz and Paul can get another crack at it, but I can't understand why the House would want to undermine McConnell like this.

-PJ

44 posted on 07/27/2015 1:18:45 PM PDT by Political Junkie Too (If you are the Posterity of We the People, then you are a Natural Born Citizen.)
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To: JerseyRepub
Yikes! You don't show up here a lot, but when you do, there's a RINO President you're backing or a Cruz you're downing.

Things that make you go, HMMMMMMM

45 posted on 07/27/2015 1:19:52 PM PDT by Lazamataz ("In a very short period of time, these will be the good old days." -- unknown Freeper, 2015)
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To: Cincinatus' Wife

But the Senate Street Walkers had a deal?! :O


46 posted on 07/27/2015 1:21:42 PM PDT by conservativejoy (We Can Elect Ted Cruz! Pray Hard, Work Hard, Trust God!)
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To: DannyTN

” $7 billion in profits “

I was wondering about this since I don’t know how the bank operates.

Do you happen to know the current spread on rates? Since U.S. is already borrowing to cover its expenses, I was wondering what the difference between the current tbill rate and the rate at which this bank grants loans.


47 posted on 07/27/2015 1:26:58 PM PDT by fruser1
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To: Calpublican
ARe they returning cash in excess of the principal they loan out or not? It sounds to me like they are.

President Ronald Reagan, January 30, 1984: "Exports create and sustain jobs for millions of American workers and contribute to the growth and strength of the United States economy. The Export-Import Bank contributes in a significant way to our nation's export sales."

Facts about the Ex-Im Bank (From the Ex-Im Bank)

48 posted on 07/27/2015 1:27:28 PM PDT by DannyTN
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To: Calpublican
ARe they returning cash in excess of the principal they loan out or not? It sounds to me like they are.

President Ronald Reagan, January 30, 1984: "Exports create and sustain jobs for millions of American workers and contribute to the growth and strength of the United States economy. The Export-Import Bank contributes in a significant way to our nation's export sales."

Facts about the Ex-Im Bank (From the Ex-Im Bank)

49 posted on 07/27/2015 1:27:28 PM PDT by DannyTN
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To: DannyTN

Why does Boeing need to get help from the gov’t?


50 posted on 07/27/2015 1:29:04 PM PDT by vbmoneyspender
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To: GeronL
government should not be involved in profit-making ventures or subsidizing trade.

So you think government should only be involved in profit-killing ventures and subsidizing imports?

We do that you know. We charge tariffs on imports much lower than the taxes our domestic producers pay.

51 posted on 07/27/2015 1:30:31 PM PDT by DannyTN
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To: DannyTN

If the Export-Import bank is profitable, then it should be spun off as a private entity.


52 posted on 07/27/2015 1:31:32 PM PDT by SauronOfMordor (Socialists want YOUR wealth redistributed, never THEIRS!)
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To: DannyTN

I don’t think the government should be subsidizing anything in the private sector. Anything.


53 posted on 07/27/2015 1:31:39 PM PDT by GeronL
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To: SharpRightTurn
Wow. When did McCarthy grow a spine?

Cantor would have teed up reauthorization of the Ex-Im Bank in record time. I can’t believe these guys in the House weren’t bought off by the Chamber of Corruption like the Senate was.

It's only Monday afternoon.

The House adjourns on Thursday.

That is an eternity from now.

The House will probably vote on the Senate Bill very late Wed. note or early Thurs. morning.

Stay tuned for more Kabuki Theater.

54 posted on 07/27/2015 1:31:55 PM PDT by exit82 ("The Taliban is on the inside of the building" E. Nordstrom 10-10-12)
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To: Cincinatus' Wife
The Senate transportation bill...only provides three years in funding

So, in other words, it's a bill for raising revenue.

55 posted on 07/27/2015 1:32:50 PM PDT by Jim Noble (Pay no attention to that man behind the curtain)
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To: vette6387

The most important question is......Why are spending bills being crafted in the Senate?????!!!!


56 posted on 07/27/2015 1:33:12 PM PDT by sheana
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To: DannyTN
Top Ten Ex-Im Facts

1. Boeing, GE, and Caterpillar received 87% of Ex-Im loan guarantees in FY13.

2. The Ex-Im Bank provides export financing for just 0.009 percent of America’s small businesses.

3. The vast majority of exporters—98 percent—do not receive assistance from the Ex-Im Bank.

4. Export financing doesn’t create new jobs, it merely redistributes jobs across America’s economy.

5. Among the top 10 buyers of Ex-Im exports, 5 are state-controlled and rake in millions of dollars from their own governments in addition to Ex-Im Bank subsidies.

6. There are 31 open corruption and fraud investigations into the bank.

7. The top beneficiaries of Ex-Im also have massive backlogs of orders, meaning jobs would not be lost when the bank expires.

8. Ex-Im subsidies benefit China, Venezuela, Cuba, and Russia. State-owned foreign airlines have received $16 billion in subsidized financing since 2009.

9. Taxpayers are on the hook for nearly $140 billion in the Ex-Im loan portfolio.

10. The companies advocating for the reauthorization of Ex-Im have admitted they do NOT actually need it.

57 posted on 07/27/2015 1:34:10 PM PDT by vbmoneyspender
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To: vbmoneyspender
Facts about the EX-Im Bank

Our congressmen seem to amass significant amounts of Chinese stock. It wouldn't surprise me if this attempt to kill the bank isn't directly funded by China. They are trying to compete against Boeing. Because aircraft is one of those industries that they haven't yet challenged us on.

58 posted on 07/27/2015 1:34:37 PM PDT by DannyTN
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To: DannyTN

Why should Boeing get a gov’t subsidy? Simple question.


59 posted on 07/27/2015 1:37:47 PM PDT by vbmoneyspender
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To: GeronL

When our government quits subsidizing off-shoring and undoes the damage they’ve done including restoring the founding father’s import tariffs, then maybe we can talk about whether the Export bank is still needed.

Until then our exporters need all the help they can get. And if the Bank can help them while returning excess cash to the treasury then killing them is the last thing we need to do.


60 posted on 07/27/2015 1:39:50 PM PDT by DannyTN
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