(Government Accountability Office, Washington, 7 February 2012) The GAO EX-Im report notes that actions are needed to promote competitiveness and international cooperation, pointing out that other OECD ECAs supplement but do not compete with the private market. The right wing Club for Growth and CATO Institute want Congress to block Ex-Im reauthorization, while the “non-partisan” Council on Foreign Relations says Ex-Im played a significant role in propping up U.S. exports during the global financial crisis. President Obama called on Congress to extend the Export-Import Bank’s authorization as it will reach its lending limit at the end of March, while the GOP accused Obama of overspending that will set the country up for a financial implosion like the one in Greece. American manufacturers applauded President Barack Obama’s plan to compensate them with credit to offset the unfair financing given to competitors by their governments while one critic labeled it “corporate welfare.” Meanwhile, U.S. airlines have filed a lawsuit to block a recent Ex-Im Bank-financed Air India deal.
