Mar. 1, 2012, Fairfax, VA—Americans for Limited Government President Bill Wilson today urged House Financial Services Chairman Rep. Spencer Bachus to allow a vote on legislation that would rescind a $100 billion U.S. credit line to the International Monetary Fund (IMF) that is being used to bail out bankrupt nations in Europe like Greece, Portugal, and Ireland:
“It is simply inexplicable that House Financial Services Committee Chairman Rep. Spencer Bachus has not brought up for a vote legislation that will stop the U.S. bailout of Europe. Where is the urgency? The IMF, which the U.S. funds, has already committed over $100 billion to bailing out Greece, Portugal, and Ireland. Now with more money promised to Greece, that means the U.S. stake in propping up Europe will only grow.
“The U.S. needs to rescind its own $100 billion line of credit to the IMF, only $7 billion of which has been used, before it is too late and any more of it is wasted refinancing the debts of profligate countries that refuse to cut spending. We should not be subsidizing socialism.
“Representative Cathy McMorris Rodgers and Senator Jim DeMint have taken the lead on this critical issue, gathering over 110 congressional cosponsors to stop this bailout. Now it is time for these pieces of legislation to get finally their proper airing on the floors of both houses of Congress.
“That will not happen on the House side unless Rep. Bachus decides to take a leadership role in bringing this bill to a vote. As chairman of the committee, he has the power to move this bill and save taxpayers $100 billion — or not.
“With a national debt now larger than our entire economy, it is time members answered the question: should taxpayers be bailing out Europe? A failure to bring these bills to the floor is a tacit acceptance of bailouts, which Republicans promised to bring an end to in 2010.”
Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.