Thanks to GOP Dysfunction on Ex-Im Bank, American Businesses Face Trouble

Majority Leader Kevin McCarthy and House Republicans left for August recess without reauthorizing the Export-Import Bank – emphasizing there was no need to renew it because "the private sector can be able to" replace it.  That doesn't seem to be working.  From Reuters:

Boeing…is scrambling to find alternate financing for a satellite contract worth "several hundred million dollars"that was scuttled by privately held commercial satellite provider ABS due to uncertainty about the future of the U.S. Export-Import Bank…

ABS, based in Bermuda and Hong Kong, terminated its order for the satellite in mid-July, citing the expiration of the trade bank's charter on June 30…

The termination marks the first known casualty of the ongoing congressional debate over the future of the trade bank, which lends money to U.S. exporters and their foreign customers.

ABS told Boeing, the largest U.S. exporter, that it would have to consider non-U.S.-based producers to build ABS-8, given the absence of U.S. export credit financing...

Boeing first announced the ABS contract in June, saying the new satellite, scheduled for delivery in 2017, would expand broadcast and enterprise services to Australia, New Zealand, the Middle East, Russia, South Asia and Southeast Asia.

Tea Party conservatives in the U.S. Congress have attacked the trade bank…

The job-creating Export-Import Bank equips American businesses – large and small – with the financing tools necessary to compete at the global level.  Speaker Boehner, Leader McCarthy and the House GOP, however, evidently do not understand the damage they are causing to job-creating American businesses.