Congress moves to reauthorize Export-Import Bank

WASHINGTON — Congress appeared headed toward reauthorizing the Export-Import Bank after lengthy debate over the role of the independent federal agency in supporting American exporters.

The Senate was expected to pass legislation Tuesday reauthorizing the bank for three years and raising its lending cap from the current $100 billion to $140 billion. The House passed the bill last week, and it now goes to President Barack Obama, who views the bank as critical to his goal of doubling the nation's exports.

The bank, which provides loans and loan guarantees to facilitate foreign sales, was caught this year between two traditional Republican allies: business groups that support the bank and anti-big-government conservative groups that want to eliminate it.

Without congressional action the bank's charter expires at the end of this month.