Senators introduce amendment to withdraw US taxpayers money from IMF bailout fund

Finally some sanity. NO US TAXPAYERS BACKED EUROPE BAILOUT... (at least in the open since QE2 was in fact an European bailout, but that's another issue)

Senate Republicans Offer Amendment to Stop $108 Billion Bailout to Foreign Countries

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.”

This in response to what that Obama did :

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.

Way to go... scumbag.

For once republicans do the right thing. I bet the other crooked republicans and democrats will not back this amendment, just you watch... And taxpayers will foot the bill once again.

What needs to happen if this pass is another amendment/bill to stop the FED from doing a cover bailout like they did earlier... but since the FED is basically running things secretly, they could pass the bill and the FED would do it anyways.

PASS THOSE TWO AMENDMENTS/BILLS AND AUDIT THE FED.

If it doesn't happen, Americans will pay for Europe bailoutS.

reply to post by Vitchilo


Good on 'em!

As a Louisianian, I'm generally a critic of Sen. Vitter, but I support him on this one. How can we be dumping money on foreign banks and governments when our own head is almost underwater? Good for these guys. Hope it catches on.

why stop there?

lets end annual payouts to Israel, Egypt, Pakistan and all the other countries receiving handouts

reply to post by TXRabbit


I agree, no more wasteful spending until we remove our debt.

We cant be the welfare check provider for the world

Originally posted by TXRabbit
why stop there?

lets end annual payouts to Israel, Egypt, Pakistan and all the other countries receiving handouts

Well if all goes well, the aid for Pakistan will be cut by at least 75%... as it is now in a bill that will pass.

I agree with you... but this is more urgent... this is $100+ billion... and Europe needs a lot of bailouts... right now.

Foreign aid is something like $10 billion maximum a year... so they should focus on the IMF money FIRST...

well its a great idea not to bail out europe but really

china finances the us we borrow from china and give to everyone else

someone tell me the common sense there?

why doesnt europe /imf just go straight to the source?


the world has gone stupid and we are along for the stupid ride