The Senate voted to advance a proposal to extend the U.S. Export-Import Bank’s charter as part of highway funding legislation, a move the sparked a heated debate on between the House and Senate.
In a 67-26 vote, the Senate voted to end debate on Sen. Mark Kirk's amendment reauthorizing the 81-year-old bank, which lost its charter to back new loans last month.
The action came before the official deadline of July 31 to pass a highway bill before transportation funding is set to expire. Possible bills include a five-month extension already passed by the House or six-year highway funding bill.
Failure to pass a highway bill before the end of the month would mean payments to states for road and bridge projects could soon be reduced and spread out, U.S. Transportation Secretary Anthony Foxx said.
"I hope we don't keep perpetuating the problems, and not looking squarely at what the country needs," Foxx told reporters.
The Export-Import Bank will likely be added to highway legislation, but faces an uncertain future in the House, where there's strong opposition to the bank as well as to the underlying highway measure.
Conservatives strongly oppose the bank, calling it corporate welfare, and are trying to ensure that it stays dead after congressional inaction allowed it to expire June 30.
The Senate's version of the highway bill, which is on track to pass before July 31, sets policy and authorizes transportation programs for six years, but with funding for only three of those years. The House has passed a five-month extension of transportation programs without the Export-Import Bank included.
