Thursday, June 30, 2011

Senate defeats amendment to prevent IMF bailouts with U.S. funds

The Senate on Wednesday defeated an amendment in a 44-55 vote that would have prevented the International Monetary Fund (IMF) from using $108 billion in U.S. monies to bail out foreign nations.

The author of the amendment, Sen. Jim DeMint (R-S.C.), said he is concerned that the IMF is using U.S. funds to rescue irresponsible nations and banks. He said the U.S. can no longer afford to offer such aid.

"There is no excuse for us giving away money around the world when we cannot even keep our promises here in America today, promises we have made to our seniors, promises we have made to our veterans,"

"We cannot afford to let the IMF, who we found in the last month has some questionable management practices, to access $100 billion more than they already have of our money,"


No comments: