Conservatives craft bill to prevent IMF bailout of crumbling eurozone

[dustup]

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Conservatives craft bill to prevent IMF bailout of crumbling eurozone
By Alexander Bolton - 12/02/11 06:00 AM ET

Conservatives say they will try to block the International Monetary Fund from bailing out Italy and Spain, which they say could leave U.S. taxpayers with a huge bill.

Republicans on both sides of the Capitol complain that the Obama administration has refused to share details of what Treasury Secretary Timothy Geithner is discussing with European leaders amid reports the IMF could intervene.

Sen. Tom Coburn (R-Okla.) says he is planning legislation directing the U.S. government to veto an expanded role for the fund.

Senate Republican Steering Committee Chairman Jim DeMint (R-S.C.) and Rep. Cathy McMorris Rodgers (Wash.), a member of the House Republican leadership, also have legislation to curb the proposed intervention.

“I’m adamantly against the IMF being involved in this,” Coburn said.

“We’re throwing good money after bad down a hole that I think is not a solvable problem,” he said.

“Europe is going to default eventually, so why would you socialize their profligate spending,” he added.

Coburn estimates the U.S. could be liable for as much as $176 billion if the IMF shores up Italy and Spain and the European Union collapses.

President Obama this week said the U.S. “stands ready to do our part” to help resolve the crisis, and Geithner in October said using U.S. tax dollars through the IMF to shore up Europe’s efforts was appropriate.

Read More Here:http://thehill.com/homenews/senate/196779-conservatives-craft-bill-to-prevent-imf-bailout-of-crumbling-eurozone

[ivanm]

The IMF has been a thorn in our side for years now and would probably fail without our support.  I think we need to cut bait and take care of our own problems. 

Consider this.  If Euro economies go belly up then some of our export trade will be lost.  Follow the money trail.  Who benefits from bailing out the Euros, corporate America?