Stop Participation in European BailoutsPosted 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?
What do you think? Weigh in:
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