(Reuters) - The Senate voted on Tuesday to renew the U.S. Export-Import Bank's charter through September 2014 and raise its lending cap to $140 billion, overcoming objections from conservative Republicans who wanted to shut the bank down.
The bill now goes to President Barack Obama, who said he would sign it and praised lawmakers from both parties for coming together to pass the bill.
"This important step will help American businesses create jobs here at home and sell their products around the world - all at no cost to taxpayers," Obama said in a statement.
The Senate voted 78-20 to approve the bill, just a few weeks before the bank's charter expires on May 31. Bank officials also warned they were close to reaching their current $100 billion lending cap because of record demand in recent years.
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