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News / Nation & World

Congress set to save highway fund, for now

Compromise nixes revival of Export-Import Bank

The Columbian
Published: July 29, 2015, 5:00pm

WASHINGTON — Congress is poised to avert a looming shutdown of federal highway accounts with passage of a temporary measure that will keep operations funded for the next three months, but the move creates a possible new crisis point for the fall.

The House approved a compromise stopgap bill Wednesday by a vote of 385-34, as Speaker John A. Boehner, R-Ohio, allows lawmakers to dash out of town early for the August recess. The Senate was to follow suit soon after.

As part of the deal, Congress was also tacking on a provision to help the Department of Veterans Affairs avoid closing health care clinics amid its own budget shortfall. The agency will be able to tap $3 billion over the next two months to cover rising costs associated with providing veterans faster health services.

Lost in the compromise, though, was an effort to salvage the Export-Import Bank, the federal financial institution whose ability to make new loans was halted by Congress last month amid criticism that the bank was an example of corporate welfare.

“It is a profound mistake to allow the Export-Import Bank to remain without lending capacity,” Treasury Secretary Jacob Lew said Wednesday at a breakfast sponsored by the Christian Science Monitor. “What it means is our businesses … are competing on unfair terms with foreign competitors.”

The last-minute highway compromise averts the immediate crisis that could have shut down transportation projects nationwide as of Friday.

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