Posted on 05/14/2010 10:10:42 AM PDT by SeekAndFind
After a week of preemptive attacks on a possible IMF bailout of Greece, Rep. Mike Pence (R-Ind.) introduces the European Bailout Protection Act, aimed at preventing taxpayer dollars from going to a rescue plan.
"This legislation would require that countries like Greece cut spending and put their own fiscal house in order," says Pence, backed up by other members of the House GOP, "instead of looking to the United States for a bailout. We face record unemployment and a debt crisis of our own, and American taxpayers should not be forced to bear the risk for nations that have avoided making tough choices."
The full release is below the fold, with the detail that the bill "does not permanently prohibit the IMF from lending" to the troubled counties. Nevertheless, Ezra Klein is not a fan of this proposal.
U.S. Congressman Mike Pence, Chairman of the House Republican Conference, joined Conference Vice-Chair Cathy McMorris Rodgers, Ranking Member of the House Appropriations Committee Rep. Jerry Lewis, Rep. Jeb Hensarling, and Rep. Kay Granger in introducing legislation today to stop U.S. tax dollars from being used by the International Monetary Fund (IMF) for bailouts for European countries. Rep. Pence released the following statement today as the European Bailout Protection Act was introduced:
“The American people are fed up with taxpayer-funded bailouts and deserve to know we are bailing out Greece and possibly other European countries. If the Obama Administration has its way, the U.S. will contribute to a nearly trillion dollar bailout of European countries with economic crises that are a direct result of wasteful government spending.
“This legislation would require that countries like Greece cut spending and put their own fiscal house in order, instead of looking to the United States for a bailout.
(Excerpt) Read more at voices.washingtonpost.com ...
The European Bailout Protection Act would:
1) Prohibit any funds that have yet to be drawn by the IMF from being used to provide financing to any EU countries until all EU nations are in compliance with the debt to GDP ratio requirement in their own collective growth pact.
2) Require the Treasury Secretary to oppose any IMF loans to EU nations until all EU countries are in compliance with their debt to GDP ratio requirement.
The bill does not permanently prohibit the IMF from lending to these nations; it simply prohibits the U.S. from participating in the proposed European bailout.
Good for Pence!
SeekAndFind,
If Spain fails, the Euro will be over, and if so, the shockwaves will hit the entire global economy.
The situation is critical and the media hides it. Despite the Spanish economy being now de facto in the hands of the IMF, the stock exchange has lost a 6% today.
It’s a START....
Spine, guts, and gonads scarce among the GOP in DC and everywhere else except in New Jersey. Behold an American that puts his state and country above power, greed, and corruption. You know the names in DC that fit the Elitist, corrupt, amoral description. Start with Obama, Pelosi, Reid, Stupak, Frank, Feinstein, Boxer, and the rest of the 525+ including the RINOs which are in abundant numbers. Scroll down and click on the video that Rush just played.
http://blog.savejersey.com/2010/05/11/autosaved-90909-am.aspx
If the people knew what it is happening, they would panic.
Not sure if this bill will go anywhere between now and November. The GOP is the minority party and I’m not sure if it will even pass the house.
Who cares, at least it will make the dem’s take a position on an issue (Greece Bailout) that American voters are vehiminently opposed to.
It is not something risible. The default of a economy as big as the Spanish would probably drag others. And Britain is in as bad economical shape as any South Mediterranean country, although devaluation of their currency has hidden it for a while.
We are facing a chain default of big economies. No one would be unaffected.
It is not something risible. The default of a economy as big as the Spanish would probably drag others. And Britain is in as bad economical shape as any South Mediterranean country, although devaluation of their currency has hidden it for a while.
We are facing a chain default of big economies. No one would be unaffected.
It’s already time for Euro bailout two.
A trillion doesn't go as far as it used to.
I want to see the Democrats voting FOR sending $65 Billion in US taxpayer money to greece, when we have 40 Million on foodstamps and 10% unemployment
Good —
Even the very plausible loss of the UK's AAA status is fine by me (I am a UK citizen).
Socialism breaks down. The important thing is to let it.
This is like my friend who bought an alarm system for his house... after he got robbed.
Obama will just sign some Executive Order and gave the money away. But good for Pence for at least trying.
I just sent her a note of support and thought you may wish to as well.
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