President Obama on Wednesday hailed the reauthorization of the Export-Import Bank as “a model” for the work his administration can do with the help of a willing Congress.
Obama congratulated lawmakers for working with him to pass the bill, the main tool for the U.S. government to tout export sales. The bank’s charter was set to expire this month.
“Part of building that broad-based economy with a strong middle class is making sure that we're not just known as a nation that consumes,” Obama said. “We've got to be a nation that produces, a nation that sells. Our middle class was created by workers who made and sold the best products in the world.”
House Majority Leader Eric Cantor (R-Va.) negotiated the Ex-Im Bank agreement with Minority Whip Steny Hoyer (D-Md.) in a rare bipartisan accord.
Cantor, however, skipped Wednesday's signing ceremony. A spokeswoman said Cantor could not make the event work with his schedule. In April, the majority leader did attend a signing ceremony at the White House for jobs legislation he sponsored.
Click here to read more on the bank's reauthorization.
