Cantor hatches deal with Hoyer to keep Ex-Im Bank welfare checks flowing

According to this item in The Hill, Eric Cantor and Steny Hoyer have put together a deal on the controversial Export-Import Bank that “extends the life of the bank by three years and raises its overall lending capacity to $140 billion from $100 billion.”

Good grief.

The Ex-Im Bank is one of those government programs that has long outlived whatever usefulness could be found or invented for it. Sen. Jim DeMint wrote, the Ex-Im Bank is just another instance of crony capitalism at work. But I prefer this take on the Bank:

The President has since changed his tune, of course. But he was right then, just as DeMint and a host of conservative groups intent on fighting the Bank are today.

What is disappointing is that Mr. Cantor has moved away from his earlier, proposed, one year extension, and now seems poised to give the Democrats just about all they want to keep this unnecessary corporate welfare program running for three more years…with even greater lending capacity.

He should have taken the Wall Street Journal’s advice instead:

The way to fight subsidies provided by other countries is through diplomacy and new trade deals, not by imitating their subsidies. The way to help U.S. exports is to reduce the tax, regulatory and lawsuit burden on business, negotiate new market opening abroad, and reduce American energy costs. That’s what business should be lobbying for, not favors for some businesses over others.

Chalk it up as another instance of the ever-widening gulf between being “pro-business” and “pro-market.”

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