June 27, 2012, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement urging the House Financial Services Committee chaired by Rep. Spencer Bachus to send HR 2313, a bill by Rep. Cathy McMorris Rodgers, which would rescind what remains of a $108 billion expansion of credit to the International Monetary fund that has been used to bail out Europe:
“There is no longer any excuse for Chairman Bachus to hold back legislation rescinding the additional $108 billion of funding to the IMF that was approved by the Pelosi-Reid Congress in 2009. It’s been languishing in committee for months now. With France raising its minimum wage, Spanish banks seeking yet more bailout funds, pro-bailout parties taking charge in Greece, and the very future of the Eurozone in doubt, it is time for the U.S. to reclaim any unspent taxpayer dollars before they too are wasted.
“There is no doubt that unless Congress takes action U.S. taxpayers will continue to prop up Europe. Already, U.S. lending through the IMF has topped $32.7 billion, with bailouts in Europe accounting for most of that at over $24 billion.
“Nobody believes the IMF even has enough firepower to prop up all of Europe anyway. Not even the European Central Bank as presently composed does. And with Germany ruling out both Eurobonds and fiscal union, the only other solution will eventually be a break-up of the Eurozone. U.S. taxpayers should have no part in throwing good money after bad trying to prop up something that cannot be saved.
“Yet Chairman Bachus still has not sent legislation to the floor that would rescind the additional $108 billion of funding to the IMF. Why? His inaction on this legislation puts him in the camp of helping France increase its minimum wage, of propping up Spanish banks, and trying to save socialist Greece from its own excesses. This bill must be put to the floor immediately for an up or down vote, and then sent to the Senate, before any more money is poured down the drain.”
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