Will House Republicans Take Action to Reopen Export-Import Bank, Reauthorize Highway Trust Fund?
Last week, Majority Leader Kevin McCarthy released his legislative memo for the month of July. It was disappointing – but not surprising – that the Majority Leader left off a critical, time-sensitive item that requires immediate action from Congress: reopening the Export-Import Bank, which Republicans shut down on July 1, cutting off financing assistance to American exporters. Additionally, authorization for the Highway Trust Fund expires on July 31, and as we approach the deadline, there has been little progress in reaching agreement on a long-term reauthorization that would provide certainty to our economy. Its unfortunate House Republican leaders continue to govern by crisis, instead of governing responsibly to get things done for the American people. Here’s a by-the-numbers look at the impact of their most recent manufactured crises on American jobs and our economic competitiveness:
Failure to Reopen the Export-Import Bank Puts Jobs at Risk, Places Businesses at a Disadvantage with Global Competitors:
0: Times the Export-Import Bank has previously shut down in its 80 year history.
7: Days since Republican leaders shut down the Export-Import Bank, putting America’s economic competiveness at risk.
164,000: Export-related U.S. jobs supported by the Export-Import Bank in 2014 alone. [Export-Import Bank, Fact Sheet]
$27.5 billion: Value of U.S. exports backed by the Export-Import Bank in 2014 alone. [USA Today, 5/19/15]
$7 billion: Surplus the Export-Import Bank has generated over the past two decades, which means that the Bank does not cost American taxpayers money, and in fact helps to reduce the deficit. [Export-Import Bank, Fact Sheet]
98%: Percentage of the United States’ almost 300,000 exporters that are small and medium-size businesses. [International Trade Association, Fact Sheet]
95%: Percentage “of the world's customers [that] live outside our national borders, where massive middle classes with huge purchasing power are emerging.” [USA Today, 5/19/15]
90%: Percentage of Export-Import Bank transactions that directly supported small businesses in FY2014. [Export-Import Bank, Fact Sheet]
Failure to Address the Looming Deadline for the Highway Trust Fund Means Ignoring Critical Infrastructure Needs, Costs American Consumers:
54%: Percentage of our major roads that are rated poor or mediocre. [Department of Transportation, Fact Sheet]
42: The average age of our nation’s bridges. [Highways & Transit Subcommittee, Fact Sheet]
25%: Percentage of our bridges – more than 147,000 bridges – in the United States that are structurally deficient or functionally obsolete. [Highways & Transit Subcommittee, Fact Sheet]
42%: Percentage of America’s major urban highways that remain congested. [Highways & Transit Subcommittee, Fact Sheet]
45%: Percentage of Americans that don’t have access to transit. [Department of Transportation, Fact Sheet]
$121 billion: Cost of congestion for consumers in wasted time and fuel, or an average of $818 per commuter. [Highways & Transit Subcommittee, Fact Sheet]
$106 billion: Amount needed by the Federal Highway Administration (FHWA) to upgrade and repair our deteriorating bridges. [Highways & Transit Subcommittee, Fact Sheet]
$11 billion: Amount needed by the Federal Land Management agencies to address deferred maintenance needs on our roads and bridges. [Highways & Transit Subcommittee, Fact Sheet]
5.5 billion: Additional hours traveled by urban Americans in 2011 due to congestion. [Highways & Transit Subcommittee, Fact Sheet]
2.9 billion: Additional gallons of fuel purchased by urban Americans in 2011 due to congestion. [Highways & Transit Subcommittee, Fact Sheet]
Instead of delaying action on these two critical, time-sensitive priorities, Republican leaders should be working with Democrats to get these things done. It’s time for Republicans to abandon their record of dysfunction and obstruction by reauthorizing the Export-Import Bank and funding the Highway Trust Fund, so we can continue to support U.S. job growth and strengthen our national economy.
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