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  • Obama Wants U.S. to Loan $100 Billion to Global Bailout Fund

    05/21/2009 7:38:11 PM PDT · by Mozilla · 176 replies · 7,153+ views
    cnsnews ^ | May 21, 2009 | Marie Magleby
    (CNSNews.com) - President Obama has asked Congress to authorize $100 billion in loans to the International Monetary Fund (IMF) to help create a $500 billion global bailout fund. If passed by both the Senate and the House, the bill would allow the IMF to borrow up to $100 billion from the U.S. and increase the U.S. fiscal contribution to the IMF by $8 billion. “It’s a new appropriation,” Rob Blumenthal of the Senate Committee on Appropriations, the committee that drafted the bill, told CNSNews.com. But the move is questioned by some lawmakers who are skeptical about lending money when the...