Sen. Cruz: This Highway Bill Is Irresponsible
Ex-Im Bank board still lacks a quorum to approve multimillion dollar, taxpayer-backed loan guarantees for big business
WASHINGTON, D.C. — U.S. Sen. Ted Cruz (R-Texas) yesterday voted against the $281 billion, five-year highway bill that reauthorizes the Export-Import Bank, a quintessential example of cronyism and corporate welfare. Using various budget gimmicks and one-time revenue raisers, this bill guarantees an even larger shortfall in 2020 when the next highway bill comes up. Sen. Cruz issued the following statement upon the bill’s passage in the Senate:
“Last night, sadly, the Washington Cartel reversed one of the few fiscal conservative victories achieved with this Republican Congress. This past summer, we allowed the Export-Import Bank -- one of the most egregious instances of corporate welfare -- to finally expire. The world didn’t end, and for a few months taxpayers were no longer guaranteeing billions in loans to a handful of giant corporations. Alas, Republican leadership couldn’t allow this victory for the taxpayers to stand, and so last night they slipped the Ex-Im Bank into the highway bill.
“Here’s a simple question: why was the Ex-Im Bank--which Republican leadership promised the Washington lobbyists--slipped into ‘must-pass’ legislation, while the Planned Parenthood defund--which Republicans promised the actual voters--put in reconciliation, which everyone knows will be vetoed? What does that say about leadership’s real priorities? It’s the Cartel in action, and it’s why the American people are so volcanically frustrated.”
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