The Wall Street Journal reports today that President Obama will formally announce his intention to let Beijing set U.S. export credit policy [$] at, fittingly enough, a Boeing plant. Boeing is obviously feeling a bit of political heat about the fact it benefits from almost half of Ex-Im’s disbursements, though, so they are pledging to commit more than $700 million to small business so they can better access credit. They’ve also stepped up their lobbying efforts, this time hiring a Republican-aligned lobbying firm to help them squash some mutinous feeling among Republican ranks.

Here’s Don Boudreaux’s take; spot-on, as usual.