in 2009, a little spoken about bill was inserted into a defense funding act. It gives the IMF 100 billion line of credit. That’s US taxpayer money to bailout foreign nations. Well 80 Republican House of Representative members are seeking to rescind this line of credit.
Washington Republican Rep. Cathy McMorris Rodgers, who has led the fight in Congress against providing a European bailout with U.S. taxpayer cash, told The Daily Caller that this $100 billion line of credit received some attention — but not nearly enough — when it was created in 2009.
“It was attached to another bill and it was part of funding for defense,” McMorris Rodgers told The Daily Caller in a phone interview. “There were some concerns raised at the time, and every single Republican had voted against this authorization of an additional $100 billion for the line of credit.”
“They call it the ‘New Arrangements to Borrow’ and [Treasury Secretary] Timothy Geithner, I really think, downplayed it and said ‘it’s just available, just in case, we really don’t have any plans for it,’” she added.
“I very much suspect that the administration did not want a big debate over this issue because it’s hard for them to defend using taxpayer dollars to bail out the European Union.
McMorris Rodgers is leading the charge, with more than 80 House Republicans, to rescind that line of credit before the IMF takes any more of it. She told TheDC that IMF officials confirmed to her that about $6 billion of the $100 billion has been used to help bail out Portugal, as well as St. Kitts and Nevis, a small Caribbean country
Tags: IMF, thy McMorris Rodgers
