Political Quotes

“I cannot understate the importance of this amendment, Mr. Chairman. The House finally has an opportunity to begin today what may be a years-long process of unwinding the Federal Government's massive loan guarantees. We need to do this to better protect hardworking taxpayer dollars so we can ensure that, when bills come due in 10 years for Social Security, Medicare, and veterans' benefits, we will be able to meet these commitments that Americans have earned and deserve. My amendment also supports small businesses and ensures they can continue to export goods and services. In short, it is a win-win for taxpayers and job creators alike. My amendment builds a firewall to protect the American taxpayer in the event that an overseas purchaser takes out a loan from the Export- Import Bank and stops paying it back. While the loan will still have a taxpayer guarantee, the U.S. exporter that directly profits on the deal will be responsible for a percentage of the loss before you go to the taxpayers. One need only look at the details surrounding the deal with NewSat, a troubled satellite operator in Australia, to see why this amendment is necessary. The American taxpayer lost $139 million of a direct loan from the Export-Import Bank because the deal wasn't properly collateralized. Hardworking taxpayers should not be left paying for these risky loans. This is vitally important, Mr. Chairman.…”