Bailouts Go International

by Sal on June 17, 2009

in Economy,International Relations,Politics

The House of Representatives passed a $108 Billion bailout of foreign nations, payable to the International Monetary Fund.  As Michelle Malkin reports, Obama pledged this money to the IMF in April, without even consulting congress.  The vote passed 226-202, with 32 Democrats voting against the bill and 5 Republicans supporting it.  With our financial house in such disarray, is it the time to be doing more bailouts, this time to foreign countries?

The Constitution does not grant the United States to give money away to foreign nations, yet it has been standard practice for years, by members of both parties.  Yet at this time in our history, we cannot afford to do it anymore.  Our national debt is skyrocketing and threatens to skyrocket further, so much so that creditors are no longer willing to simply buy an endless supply of U.S. Treasuries.  The Congress would do well to put our own fiscal house in order, or it will be the United States that will need a bailout, and I can’t think of any nations that will be so willing to line up to bail us out of this mess.

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