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U.S. Senators Jim DeMint (R-South Carolina), Orrin Hatch (R-Utah), David Vitter (R-Louisiana) and John Cornyn (R-Texas) today offered an amendment to the Economic Development Revitalization Act to roll back the International Monetary Fund’s (IMF) ability to use $108 billion in taxpayer dollars to bailout foreign countries, including heavily indebted Greece.
“Our nation is on the brink of bankruptcy and American taxpayers simply cannot afford to bailout Europe,” said DeMint. “The U.S. debt is so massive it is now 95% of our total Gross Domestic Product, that is one of the worst debt to GDP ratings in the world, even higher than Ireland and Portugal. If we don’t our reverse our reckless fiscal course, America will be the one in need of a bailout. We need to stop the spending, stop the debt, and pass a balanced budget amendment.”
In 2009, at the urging of the Obama Administration, the IMF was provided access to additional funding of up to $108 billion which can be used to bailout foreign countries.
Originally posted by TXRabbit
why stop there?
lets end annual payouts to Israel, Egypt, Pakistan and all the other countries receiving handouts