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August 23, 2014 AT 6:52 AM
President Barack Obama on Saturday urged business owners to press Congress to reauthorize the U.S. Export-Import Bank, which could halt any new financing Sept. 30 - as some conservative Republicans hope it will - if lawmakers fail to act. The little-known institution provides loans to buyers of U.S. products abroad. Obama said in his weekly radio address that if Congress lets the bank close, it would be stunting U.S. export growth and impeding economic expansion.