Obama proposes $100 billion U.S. loan for IMF

http://www.reuters.com/article/politicsNews/idUSTRE53J6NH20090420?feedType=RSS&feedName=politicsNews&rpc=22&sp=true ^

[FromLori]

President Barack Obama on Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF's resources and urged a bigger stake in the IMF for emerging powers.

In a letter to U.S. congressional leaders, Obama said the U.S. funding "does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets."

The $100 billion is part of commitments made by Group of 20 countries at a London summit on April 2, which agreed to triple IMF resources to a total of $750 billion to help the IMF respond to crises in emerging market economies as a result of the global financial crisis and economic downturn.

The U.S. funding will boost the IMF's so-called New Arrangements to Borrow, or NAB, a facility which allows member countries to provide credit to the IMF to deal with crises that may threaten the stability of the global financial system.

Obama said the NAB was "woefully inadequate" to deal with the severe economic and financial crisis.

[unkus]

FUBO

[c-b 1]

So our idiot president is going to loan the IMF money we don't have.

And I thought Jimmie Carter was stupid.

[Frogtacos]

All part of zer0s plan to step all over America while climbing his way to the top of the NWO.

[sten]

$100,000,000,000 ... it’s not like i wanted it anyhow. right? i mean, the europeans have their crack heads as well... especially amsterdam
/sarc

if the top 10% of EARNERS pay 88% of all the taxes... that would mean about 14m people are supposed to cover this.

$7,142 for those paying almost all the taxes.

(and yes... this is ABOVE what you already owe, since it’s NEW spending)

[pandoraou812]

Shaking my head again & wishing I could post what I really think. (GRRRR)

[xuberalles]

[Rocky]

Sure, we’re already in debt big-time, so let’s throw money away at the IMF.

Obama is deliberately trying to sink the U.S.