Republicans introduce bill to prevent Euro bailout

Washington Post ^ | 05/14/2010 | David Weigel

[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.

[rightwingcrazy]

I think he’s a bit late trying to shut that barn door.

[wastedyears]

Our government needs to be neutered.

[element92]

a eurozone default would be a windfall for
the US.

[Oceander]

Good. Somebody has to start telling the liberals the party's over.

bumper sticker

[gwilhelm56]

No bailout for EU... great

NOW, GOP needs to come up with a Bill for NO BAILOUT for Obammy’s TEACHERS’ UNION!!

[guitarplayer1953]

what is the average percentage of federal government mandates per state of yearly budgets? And do the states get that money from the feds each year or are we basically being double taxed by the fed through the state to cover the federal mandates?

[ding_dong_daddy_from_dumas]

We need to be responsible for our own debt. I’m sure you agree with that, but it really annoys me to hear talk of a bail-out. Heads should role first. We need a lot of high branches and short ropes.

I know you are opposed to bailouts, but we do have a lot of irresponsible officials or outright crooks in government, and not only in California.

[mellow velo]

We are facing a chain default of big economies.

"Socialist governments traditionally do make a financial mess. They always run out of other people's money."

-- Margaret Thatcher (Feb 5, 1976)

[DoughtyOne]

I agree with that. No doubt about it...

[SunkenCiv]

thanks SeekAndFind.

• President Nicolas Sarkozy 'threatened to pull France out of euro'
• Euro Breakup Talk Increases as Germany Loses Proxy
• Schwarzenegger compares California's woes to euro zone

[Go Gordon]

I know you are opposed to bailouts, but we do have a lot of irresponsible officials or outright crooks in government, and not only in California.

What this country needs is Chris Cristie (NJ Governor) as President, more than 60 Chris Cristies in the senate and about 300 Chris Chrities in the House. Problem solved.