Political Quotes

“the default rate on the bank is consistently less than 2 percent lower than most commercial lending. I am sure we will hear a lot about that during the debate today. But since 2005, the Export-Import Bank has returned $3.7 billion to the U.S. Treasury, above and beyond the cost of operation. So, yes, my colleagues, this is actually something that is making money for the Federal Government. Not only is it helping U.S. manufacturers sell their products overseas--financing in a way I think is equivalent to what the Small Business Administration does; helping to provide a certain level of financing that makes deals come through--I think it is why we find banks are supportive. The money comes back into U.S. taxpayers' pockets and it supports our winning in a global situation by getting our products sold. It has been incredibly helpful to our economy, with zero cost to the taxpayers, and, in fact, the nonpartisan Congressional Budget Office concluded a 4-year reauthorization of the bank would reduce the deficit by up to $900 million over 5 years. So the bank works for businesses and it works for U.S. taxpayers. There is a compromise that is before us. I know it may not be the compromise that I or the Senator from South Carolina--who I see is on the floor--would have written into the legislation, but nonetheless it is a compromise and it is time to act.…”