Word of a deal that could save 1,000 jobs across 13 states, including 300 in Wisconsin, broke Wednesday just hours before President Barack Obama spoke about the economy at a town hall meeting.

Democrats who were pressuring the White House to intervene on behalf of Bucyrus International Inc., a South Milwaukee manufacturer, praised the decision by the U.S. Export-Import Bank to reconsider a vote that effectively killed the project. The bank cited environmental concerns last week when it voted to deny loan guarantees to Reliance Power Inc., which is building a coal-fired power plant in India.

Without those guarantees, Bucyrus would lose its $600 million contract with Reliance for mining equipment, which the Wisconsin company said would jeopardize 1,000 jobs both at its main plant in Wisconsin and at suppliers across the country.

Read the Bucyrus press release here.

Read the complete story at The Street