Posted on 03/13/2014 12:39:35 PM PDT by cotton1706
Yesterday, the Senate Foreign Relations Committee passed a bill to authorize loan guarantees for Ukraine, similar to the bill that passed the House last week. The loan guarantee bill doesn’t directly increase spending; rather it adds Ukraine to the list of countries eligible for Economic Support Fund (ESF) grants. ESF grants have already been appropriated and are used as “walking around cash” for the State Department to send to allied countries in need of assistance (although the money often goes elsewhere). However, the bill does transfer extra funds into the Treasury in order to cover any potential default on the loan.
Let’s put aside judgment on the underlying bill for a moment; the more critical issue at hand is the International Monetary Fund (IMF) “reform” provision. Senate Democrats tacked on a provision that would weaken our sovereignty within the IMF, ostensibly increasing our quota and limiting our power. Here is how the Heritage Foundation describes the reform package:
“In 2010, the IMF board, with support from the Obama Administration, proposed a series of reforms that would increase the voting power of certain emerging-market nations and double the amount of member countries’ national “quota” contributions that are the primary source of funding for IMF loans.
(Excerpt) Read more at redstate.com ...
It’s just our kids money. And grandkids.
Backroom sellouts are what Mitchie does best.
Nice line.
We really need to get more Tea Party types in DC so we can stop getting these RINOs for “leadership”.
Given his obsession with Amnesty I’m starting to include Ryan in that group.
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