Almost immediately after his election as House Majority Leader, Rep. Kevin McCarthy (R-Calif.) suggested that he would try to effectively kill the U.S. Export-Import Bank when its charter expires in September. The bank provides low-interest loans to foreign companies, who then use that loaned money to buy U.S. goods. Big U.S. manufacturers—companies like Caterpillar and Ford—love the bank because it makes it easier for them to export their goods. Many conservatives, especially those who lean libertarian, see the bank as a vehicle for the government to give arbitrary special favors to companies.
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Three days after the Primary That Shook the Universe, we know what next year’s Congress won’t include: House majority leader Eric Cantor. In his place there will be lots (more) partisan rancor, a decent chance of another debt-ceiling battle, and an economics professor named David Brat. Brat ran at Cantor from the right, and his academic pedigree means that he’s left a long paper trail over the years.