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Stop Participation in European Bailouts

Posted by Randy | June 28, 2011

Each day, our nation borrows $4 billion, or 42% of each dollar we spend. And each day, our nation pays communist China $73.9 million in interest alone on our debt.

Despite this fact, the Administration has allowed the United States to be on the hook for the bailouts of Greece and other European nations. This bailout money is dispensed through the International Monetary Fund (IMF), of which the United States is the leading funder, contributing over 17% of its funds. In 2009, the Democratic Congress approved the Obama Administration’s request to increase U.S. funding to the IMF by $108 billion.

I believe this is wrong. Taxpayers should not be responsible for the fiscal rescue of foreign governments, especially when our own federal government faces a crushing debt and has yet to seriously address our own economic difficulties. We need to focus on getting our own spending under control by passing a balanced budget amendment, not committing to the bailout of other nations.

I have cosponsored a bill to stop U.S. participation in these costly bailouts of Greece and other European nations. H.R. 2313 would rescind the $108 billion authorization, return any unobligated money to the U.S. General Fund, and specify that the money be used for deficit reduction.

You can read the text of the bill here.

I want to know what you think – do you think taxpayers should be on the hook for the bailout of European nations? Do you think H.R. 2313 is a step in the right direction to stop these taxpayer-funded bailouts?

Comments

Users are solely responsible for the opinions they post here and their comments do not necessarily reflect the views of Congressman Forbes.

Christine Kurley commented on 6/28/2011

Although this may not be a popular post, I wanted to voice some concerns or questions. Did the country asking for help one of the countries that assisted the US Banking Aid Bailout? After our Bailout, do you feel that the laws put into effect where enough to insure that any forigen governments investing in our stock market and economy where not abused by short sellers or illegal manipulation of the market? Could anything been done on Wall Street to hurt that country's economy because of investments used to aid our economy? I see you mentioned China but I don't feel that is fair if the Countries asking for Aid have a different relationship with the US and our Aid.
Thomas G commented on 6/29/2011

A balanced budget amendment would be a catastrophe for our nation and is not only unwise, but it is unnecessary. There have been numerous papers written on this subject that outline why this is such a bad idea. Before one jumps on board with support for this idea a voter should take the time to carefully assess the ramifications of such a proposal. So before we get there a few questions come to mind....for one, the Bush administration is responsible for adding 7.5 TRILLION dollars to the national debt all by themselves. Secondly, there was no action to determine how the country would pay for the Iraq war. The Bush administration totally abandoned pay as you go, a policy that not only brought us to a balance budget, but actually led to payments on the national debt. It should be noticed that the deficit reduction plan of president Clinton was passed without a single republican vote...not one!!! I'm curious...if each day the country has to borrow 4 billion dollars, then why is it necessary to give the oil and gas industry 4 billion dollars a year in subsidies, when they have testified before the congress that they do not need it??? How would such a balanced budget amendment really work...across the board cuts if necessary? If that's the case, then it becomes painfully obvious there would be no intellectual mechanism to determine what becomes of essential funding and what is not. The sensible alternative is to return tax rates to where Alan Greenspan says they need to be...where Clinton left them...not where Bush and the republicans left them...at the lowest level since 1931...helping to create this economic nightmare.
David Wilson commented on 6/29/2011

If a balanced budget bill does not includ removing Social Security and Medicare from this "balanced budget" I am totally opposed to the idea. Social Security should have never been consided a tax and allowed to be thought of as another income for the treasury. It was established as a self-funded Trust Fund, not simply another tax - it has always been self- sustained by contributions which somehow Congress likes to call a "tax". I have no idea what other problems might result from a balanced budget but it would be disestrous to Social Security if it is not excluded from the bill,
John Last Name commented on 6/29/2011

Thank You, now if all of our government officials that have "sworn" to uphold their duties to the American People would do their jobs, we would be ok. Our government officials have sworn to GOD to work for the "LEGAL" American citizens of this once great nation. Not to put any other country or "united nations" ahead of The United States people. I say if our Government officials do not do as they were sworn to do, then put them in the Colorodo Pink Tent City Prison with "NO" exceptions or special arrangments. And bring our military home. Put them on our own borders to keep out the illegals getting in. Having 11 million illegal allians in our country with over 7 million taking our jobs is sickening. As you have stated Mr Forbes, there are 14 million "legal" American Citizens unemployed. And millions that are homeless. This is not acceptable. And worst is that alot are our own military veterans that have fought, and lost limbs ext. being homeless. I am ashamed of our government. It is time for a wake up.
Anonymous User commented on 6/29/2011

Call for impeachment of President Obama before the U.S. is totally ruined. He is a loose cannon who does not have this country's interest at hand. He espouses socialism, has wrecked our healthcare system and has lied about his Muslim roots. He sympathizes with the Palestinian terrorist group, Hamas, and invites any doctrine to destroy capitalism that made this country strong. He puts minorities ahead of the majority's well being.
Marvin Carman commented on 7/2/2011

Do everything, no bailout, no subsidies, no foreign aid, no new taxes, no money for UN and get out, no money for special pet projects no more fighting wars unless we have the money to pay for it. We got Osama and weaken Al Kaida so why stay and kill more US personel fighting year after year for nothing. Obama is America # 1 terrorist now and we need to stop him taxing people earning less than 50,000.00 dollars a year because I make 45,000.00 and paid 39.00 dollars income tax not including higher medical bills from doctors, hospitals, and higher prices at the pumps and grocery stores. He is the only president that has not been vetted for the job as commander in chief by an illegal alien and his parents were not both American citizen. I think everybody in Washington is corrupt and is anti-American to let this happen to our great nation. So I guess anybody born in the world could be our next president!!!!! When are the congress going to wake upand do something about our fraud of a president. He is destroying this country by spending, enormous debt, and will cause a civil war in the near future. VOTE NO TO RAISE THE DEBT CEILING or you will never get my vote and others TOO. From a DISABLED VET RETIREE Marvin Carman
m l commented on 7/2/2011

Let other countries take care of themselves. Our country comes first and the taxpayers should have some say in what money is spent for. It should be used in the United States first. There are plenty of things that could be done with that tremendous amount of money right here. I dearly hope that H.R. 2313 is passed, if not the people who vote against it should be voted out of office
Dave Churchya commented on 7/2/2011

Our financial condition is the result of reckless and self-serving leadership. We spend too much to "protect" US interests abroad and police the world. We need to invest in America's future by properly funding education to be no less than the best in the world. Our future financial interests rest with our children’s ability to compete in a global economy. We can continue to escalate spending on prisons, welfare, and war at the cost of selling America at bargain prices. Or maybe we can grow up and take care of America. Heal and regain our previous economic leadership with middle class American financial values. We must quit acting like the global big spender and put our money where it matters for America’s future.
C B Anderson Jr. commented on 7/2/2011

America is a great nation, but her greatness did not come on her own. We have forgotten how she became great. Our forefathers believed in Godly principles and God rewarded them. Now America has become so immoral that God's plain is about to take place just like it did with (Babylon, the Media ,Persia, Greece and Rome). Righteousness exalts a Naton: but sin is a reproach to any people" (Prov.14:34). Thou shall not lie with mankink, as with womankind:it is abomination.(king James Version) Do not lie with a man as one lies with a woman; that is detestable.(New International Version). (Leviticus 18:22) The only problem America has is a God problem. If we are a Christan nation , then we must obey God and not man.....
Becky Brown commented on 7/2/2011

I am 100% in Favor of HR 2313. This Government has the duty and responsibility to get IT OWN HOUSE IN ORDER...FIRST & FOREMOST. UNTIL THIS GOVERNMENT CAN LEARN TO MANAGE ITS OWN BUDGET, ITS OWN DEBTS, ITS OWN DEFICIT.....It's just plain STUPID to "give to others" when you have nothing left but DEBT. Seems the Managers of this Country can't remember the most elementary theory of MASLOW'S HIERARCHY OF NEEDS: 1) Physiological 2) Safety 3) Love, Belonging 4) Esteem 5) Self Actualization 6) Self Transcendence. The Country is down at the bottom two levels; while the Government pretends we are at the very top.
Carson Newman commented on 7/3/2011

The IMF and the UN have just become another means of redistribution of wealth to those that refuse to adopt free enterprise and freedom in general. In recent history I believe our involvement in these organizations is pushing us away from our core principals as a nation and toward socialism. In a time when we are in such debt caused by initiatives such as these organizations we certainly can not afford to continue contributing to organizations that are generally no longer driven by our ideals....If they ever were
Ted McAlpine commented on 7/4/2011

Sir, It is rare that I feel like patting a politician on the back! But I feel the need now. Your actions and your conservative stance are necessary and appreciated. Continue PLEASE! 108 billion dollars is a pittance with regards to the U.S. debt but every chunk of money taken back from those who stole it from US THE TAX PAYERS is a step in the right direction and makes me smile. I have to believe GOD likes it as well. Thank You! Ted L. McAlpine(USN Ret.)
First Name Last Name commented on 7/4/2011

It makes no sense to borrow money from china to give to other countries , and we are stuck with the debt. and the interest payments. I raed someplace that the interest payment alone to China is the same as buying them a new fighter plane each day.
Bonnie Cary commented on 7/4/2011

I am appalled that the U.S. is so in debt that we owe China 73.9 million dollars a DAY in interest alone! At this rate we will never have a balanced budget. I am against raising the debt ceiling in any way shape or form. The ecomony has been a mess for many years now. Each family has had to tighten their belt and work with an ever tightening budget. NOW is the time that the government does the same. We cannot continue to stick our heads in the sand and think this will just go away on it's own. We do not need to be spending money we do not have. It is not fiscally responsible! We do not need to be bailing out other countries from their financial troubles or giving them any aid at a time when we can not even take care of our own. It is not morally right to take from our poor & elderly by cutting medicaid and social security and instead giving it to countries such as Greece to help in their financial bailout. It's WRONG! It is time for these countries to learn to stand on their own. It is time for this country to start taking care of itself....that means cutting things that are not necessary (such as funding for bridges to nowhere....grants for research & non-profits organizations, etc.), it's time to eliminate wasteful spending, it's time to make some very difficult and painful decisions. Without getting our spending under control, cutting out bailouts & handing out money to other countries, without raising taxes on the wealthy, reducing and eliminating subsidies and tax loopholes for corporate America....we will eventually fall just like the Roman empire. We are a great country...but if we don't get this budget and our country in order....we will not be great for too much longer. This wasteful and irresponsible spending and budget can not continue to substain itself. NOW is the time to get it under control! It is also time to bring our brave military men and women home! I do not agree with President Obama in regards to his military involvment in Libya. Our military is spread thin enough.....we can not solve every countries problem....pull the plug on any involvment in Libya! Thank you Mr. Forbes for asking your constituents their opinions about the affairs of our country. It's nice to think that our opinions matter and are listened to.
John Kucharski commented on 11/3/2011

I've lost over $50K on my home in 4 years, 20% of my 401K, and can't afford to get quality dental care for my faily even with insurance. My Retired Military benefits are being targeted, my annual raise is less than inflation, and my personal debt is slowly rising. Because I'm a middle class US Born American, I get no help, but the 20+% in taxes I pay annually, are helping many of our citizens that make a living off assistance, Illegal aliens who now have more rights than I, and now more to other countries? Is this nuts... or am I just selfish? STOP THE MADNESS!!!!
Tom Sadler commented on 11/3/2011

Broke country (USA) loaning (read giving away) to other broke country (greece) who owes billions of Euros to broke country (France),(Italy) etc. The whole thing is madness. EXcept for one thing, the initiation of a world currency and the removal of the dollar as the world's reserve currency which is coming within 10 years. All this junk is the warm up to the main event. It diminishes the USA as an economic power in the short term but will probably help prevent WWIII. You break up the European Union now and the financial and social unrest that lead to the rise of Mussolini will be replicated. It will make the Arab spring look pitiful in comparison. Politicians will do whatever they can to extend and pretend. Greece should leave the Euro, default(as they have done before numerous times), get their house in order and ask to be reinstated in 10 years. Countries like companies go bankrupt. Greece, Portugal Ireland are done. Spanish unemployment is over 21%. The Euro without fiscal union (read one government) is unsustainable. Would any of us willingly give up the sovereignty of the USA? Didn't think so. Bad moon rising.
John Boren commented on 11/4/2011

I support this bill however it can go one step further and cut funding to all foreign nations including Isreal. Americans first. On another point, the IMF bailout to Greece is a loan where most other nations we fund are grants. Why would nations such as Isreal be favored over nations such as Greece, Italy and Spain? We need to be fair and just during this process.
Joanne Renshaw commented on 11/4/2011

No additional money for IMF. I heard on "The Today Show" this morning, Nov 5 (reported by Chuck Todd from Cannes France) that the President is attending the G20 summit, but that NO (as in none) additional US money will be committed to the IMF. Is the Forbes poll moot/obsolete?
Jim L commented on 11/4/2011

In reading the links to HR 2313 I only see the changes to be made with no reference to our current policies. I agree that we should not "bail out" other countries through the IMF because while a 17% stake in the IMF is the largest, it is nowhere near a majority. This makes it easy for other contries to spend our money for causes we don't feel are appropiate. However, there is a long history of our nation sending monetary and other aid to nations devastated by natural disasters, human rights violation issues and threats of war to countries we consider to be our allies. These are worthy causes and if not directly in our nation's best interest, are the right things to do. If this can be done directly and not through the IMF, then I would support HR 3213, especially in a time when we can't afford such benevolence, especially when it may do harm not only to us but to the nations receiving the funds.
a b commented on 11/4/2011

This is difficult...I do not agree that we should fund other countries, but I also do not agree we should "mess up" our relationships with other countries. I realize this is not a concrete yes or no answer, but this is not really a fair yes or no question.
Chuck Grosik commented on 11/4/2011

Anyone who believes this issue is a black and white, yea or nea scenario is BADLY mistaken. Each situation MUST be judged on its' own merit. So, Rep. Forbes while I agree we should not assist with Greece, I DO NOT support H.R. 2313 and question why you do....Whether the US has faced our own economic situation should play NO role in this decision. This Congress has failed the common man by its inaction due to partianship.
John Rawlings commented on 11/4/2011

I strongly oppose bailout money to European banks. (All banks for that matter). A bank or government that fails due to unscrupulous practices or mismanagement ceases to exist. Bailouts will foster an entitlement mentality and the money will never be paid back. I'm sick and tired of the theft and waste of American taxpayer dollars.-------John Rawlings
Michael Carew commented on 11/10/2011

The people who think the "Bush tax cuts" only effect the above $250,000 income folks don't know what the cuts acually contain. The dollars in the cuts belong to the American people, not the government! People and people who own businesess, large and small earned the money! You cost any business more money, it is overhead, overhead is paid by selling products/services etc. Raise the overhead, you raise the price of goods & services. So the narrow minded, uninformed who are in favor of illiminating the "Bush tax cuts" want an across the board increase in goods & services to the people! We need alot less government not more. Governments never have enough money! I think all social programs should be means tested. All taxes collected should only be spent on the subject they are collected to support and never be put into any "general fund." All funds should be trust fund locked boxes! Strict interpretation of the constitution & its amendments should be the order of the day, any changes or new interpretations should be decided by the U.S. Congress with U.S. Supreme court approval and Presidential signature! Not by any lower court!

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