Today, President Obama is joining other world leaders in Cannes, France to participate in the G-20 Summit, a meeting that is expected to be dominated by concerns over rescuing the nation of Greece from default. Other European nations and the International Monetary Fund (IMF) have been discussing "bailout" scenarios for the Greek government. The United States is the leading funder of the IMF and according to the Wall Street Journal, "The U.S. role [in the bailout] comes from its obligations to the IMF, which is lending an additional $39 billion as part of the Greek package. The U.S. pays roughly in proportion to its stake in the IMF, as do other countries, if the IMF's board votes to approve the package on Sunday, as expected." I believe this is wrong. U.S. 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. 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.
Thursday, November 3, 2011
instaPoll: Do you support legislation to stop U.S. taxpayer-funded bailouts of European nations?
Posted by Unknown at 4:40 PM