What is the US congress considering doing?
How much do we have to pay
- 9 years agoFavorite Answer
Raise the debt ceiling to loan the EU a trillion dollars in bailout.
Of course we will give it to the IMF to pay out.
This was last years debt ceiling raise was used for
The Honorable John Kerry
Senate Foreign Relations Committee
218 Russell Senate Office Building
Washington D.C. 20510
Dear Chairman Kerry:
We write to express our concern over a possible amendment that would break America’s
commitment to provide supplementary financial support to the International Monetary Fund (IMF)
under the New Arrangements to Borrow (NAB) in times of crisis. The amendment is very untimely
and perhaps even dangerous; it is a breach of international agreements upon which the United States
(U.S.) itself very much depends; and it is based on the fallacious notion that U.S. taxpayers will incur
Amid persistent global economic uncertainty and prevailing downside risks, it is critical to
retain the U.S.’ pledge to the NAB to provide the IMF with a backstop for additional resources in the
event it falls short of its main source of financing derived from member countries’ resources (quota
subscriptions). The IMF can lend these funds to beleaguered countries in return for fiscal and
budgetary reforms designed to help them return to stability. When this happens the entire global
system benefits with renewed trade and investment and financial stability.
While it was agreed in 2010 under the IMF governance reforms that quotas will be doubled,
thus increasing the IMF’s principal financial resources by 100 percent to about $755.7 billion, this
will not take effect until October 2012. Therefore, it is vital that the NAB remains intact as the
facility of first and principal recourse to supplement the IMF’s main resources by up to about $586
billion, particularly as the fragile global recovery is continuously threatened by high unemployment
and sovereign debt problems, as well as fears of the turmoil spreading beyond the European
periphery becoming more palpable.
- Thorcorn™Lv 79 years ago
The US Congress ceded their power with the acceptance of a super committee.
- LizLv 49 years ago
With the lowest Congressional approval rating in history, I would guess, anger us more. They are going to try to limit our freedoms further and make us pay for it.
- RomeoLv 79 years ago
Borrow another 1.5 trillion to pay the interest on the debt
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- Anonymous9 years ago
The same thing they have been doing.
- ?Lv 79 years ago
what they do best nothing