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r3020
Senior Advisor

100 billion line of credit to the IMF

snip- When California Democratic Rep. Nancy Pelosi was the Speaker of the House in 2009, President Barack Obama and congressional Democrats authorized $100 billion in spending as a line of credit for the International Monetary Fund to be used in times of emergency — funds that could now be used to bail out European banks. As the Eurozone takes a turn for the worse and chatter heats up about more European Union and IMF bailouts across the continent, Republicans in Congress are pushing to rescind the $100 billion set-aside. That $100 billion is an addition to the $64.4 billion the U.S. Treasury will provide in quotas to the IMF this year. That new funding has not been formally appropriated, but the IMF could request the money whenever it pleases. 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.” Read more: http://dailycaller.com/2012/01/17/house-gop-pushes-to-rescind-100-billion-imf-eurozone-bailout-fund/...