Business
American manufacturing recovering: Obama
While at Boeing on Friday, Obama announced steps to offer financing to U.S. companies to match help their foreign competitors get, with the goal of helping American industries compete.
Obama called on Congress to extend the Export-Import Bank’s authorization. White House officials said the bank will reach its lending limit at the end of March and Obama pointed to it as a key player in helping promote U.S. exports.
At the same time, the White House announced that Boeing will participate in an Export-Import Bank program that helps companies advance money to suppliers on export-related contracts. Administration officials said Boeing would be committing to more than US$700 million in short-term credit this year. Officials said the arrangement would help Boeing compete for foreign clients against European jet maker Airbus.
Facing re-election, Obama has pointed to a decline in unemployment and trumpeted a recent boost in manufacturing jobs as an indicator of an economy on the mend. Republicans seeking the White House have accused Obama of failing to steer the economy out of a deep recession.
Copyright 2012 The Associated Press.
