What is the US congress considering doing?

Update:

How much do we have to pay

6 Answers

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  • 9 years ago
    Favorite 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

    Chairman

    Senate Foreign Relations Committee

    218 Russell Senate Office Building

    Second Floor

    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

    new costs.

    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.

    http://www.brettonwoods.org/uploads/pages/224/Keep...

  • 9 years ago

    The US Congress ceded their power with the acceptance of a super committee.

  • Liz
    Lv 4
    9 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.

  • Romeo
    Lv 7
    9 years ago

    Borrow another 1.5 trillion to pay the interest on the debt

    http://www.washingtonpost.com/blogs/44/post/after-...

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  • Anonymous
    9 years ago

    The same thing they have been doing.

    Nothing.

  • ?
    Lv 7
    9 years ago

    what they do best nothing

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