Rep. Cathy McMorris Rodgers: Why is Obama Bailing Out Greece? And Why is the MSM Covering Up For Him?

Rep. Cathy McMorris Rodgers: Why is Obama Bailing Out Greece? And Why is the MSM Covering Up For Him?

Decades ago, when British Prime Minister Harold Macmillen was asked by a journalist what would decide an upcoming election, he replied: “Events, my dear boy, events.”  As we take stock of where we are – and what’s likely to happen between now and the first Tuesday of November – it’s clear that one of the greatest “events” facing us today – which also has the potential to escalate much further – is the European debt crisis.

The mainstream media has given a lot of coverage to the debt crisis and the bailout bonanza it’s unleashed – first the Greek bailout, then the Irish and Portuguese bailouts, then Greece again.  But the MSM conveniently forgets to mention two important things: the role of the International Monetary Fund in funding these bailouts (one-third of the cost, actually), and the fact that America is the largest contributor to the IMF.

This month, the European Union unveiled its umpteenth bailout of Greece, bringing the total cost of that bailout alone to $500 billion (or more than the entire Greek economy).  That doesn’t include the cost of the Ireland and Portugal bailouts (combined total: $259 billion), and the growing likelihood that Spain and Italy will need bailouts too.  While the MSM looks the other way, a critical mass of bloggers and activists are starting to ask the question, “At a time when America is borrowing over $1 trillion every single year, why are we borrowing more money – much of it from China – to bail out Europe?”

Even the White House understands the political potency of this issue.  At last week’s White House press briefing, Deputy Press Secretary Josh Earnest was asked whether the Administration would come to Congress to request more funding for the IMF.  Earnest said “further contributions” to the IMF are “off the table.”  But that’s misleading.  Every month, the IMF is using “further contributions” from you – the taxpayer – through America’s $68 billion IMF quota plus a separate $100 billion line of credit called the “New Arrangements to Borrow” (NAB) – for the European bailouts.  Those bailouts could be stopped by the Administration, but they refuse to take action.  Why?  Because they support the bailouts (albeit quietly).  And the media won’t call them out on it.  And so, it’s time for Congress to take action to protect your tax money.

I have introduced legislation, HR 2313, that would repeal the Administration’s $100 billion line of credit to the IMF.  As of today, only $7 billion of that $100 billion has been committed, so we have up to $93 billion to protect and designate for deficit reduction.  Every day, that money is in jeopardy of being committed by the IMF, so we don’t have time to waste.  And should Spain or Italy need a bailout, there is no question that most of the $100 billion will disappear, and quickly.

My bill has 91 cosponsors.  Sen. Jim DeMint has introduced a similar bill in the Senate – S. 1276 – which has 25 cosponsors, more than half the Republican Conference.  At the very least, we should have a public debate about whether or not America should be involved in these European bailouts.  And the Administration should be honest about its support for them.  If the mainstream media won’t hold the Administration accountable, Congress and the blogosphere must do it for them.  I, for one, will continue to oppose American involvement in a European TARP.  We cannot afford to take the “too big to fail” philosophy to a global level.  The only thing “too big to fail” is America itself.

Originally posted @ RedState.com by Rep. Cathy McMorris Rodgers (R-WA) is Vice Chair of the House Republican Conference.  A compilation of her work against the IMF bailouts can be found here.

Enhanced by Zemanta

Get Free Email Updates!

Signup Now to Receive Updates and Alerts!

We will never give away, trade or sell your email address. You can unsubscribe at any time.

@stevenfoley

A former U.S.Marine, he is the Creator of The Minority Report Network. He is also the Founder and Managing Editor of the Network’s flagship site, www.theminorityreportblog.com, Former Director of New Media for Liberty.com, Former Director of New Media for Liberty First PAC, and the Former Chief Managing Editor of 73Wire.com. Steve is a well respected national conservative blogger who’s dedicated the past several years of his life advancing conservatism online. Recently Steve was instrumental in the development of Liberty.com, Liberty First PAC, The Patriot Caucus, the national campaign trail and grassroots news site73wire.com.

More in

monty python jehovah

The First Stone Club- Juice Been There, Done That

Streetwise_ITMay 29, 2015
5_272015_b3-crow-warm-sign-g8201_c0-428-1870-1518_s561x327

Tom Steyer, Pope Francis, and climate change hypocrisy

Steve FoleyMay 29, 2015
John-McCain-pointing-Reuters-640x480

ACU Slams McCain for Selectively Citing Ratings to Make Himself Look Better

Steve FoleyMay 29, 2015
FILE - In this May 11, 2003, file photo, Microbiologist Ruth Bryan works with BG nerve agent simulant in Class III Glove Box in the Life Sciences Test Facility at Dugway Proving Ground, Utah. The specialized airtight enclosure is also used for hands-on work with anthrax and other deadly agents. The Centers for Disease Control and Prevention said it is investigating what the Pentagon called an inadvertent shipment of live anthrax spores to government and commercial laboratories in as many as nine states, as well as one overseas, that expected to receive dead spores. (AP Photo/Douglas C. Pizac, File)

Regarding the Latest Anthrax Blunder

Steve FoleyMay 29, 2015
Stop-the-Obamacare-Nightmare-e1421280136219

Obamacare’s State Exchanges: ‘Overpromised And Under Delivered’

Steve FoleyMay 29, 2015
The-Smell-of-Napalm-in-the-Morning

I Love the Smell of Fossil Fuels in the Morning!

Steve FoleyMay 29, 2015

The Minority Report is a network of websites devoted to Conservative & Libertarian politics in the United States. In 2014 the network had over 20 million page views!

On this site you'll find posts & links to some of the best and most comprehensive center-right news and opinion on the net...

March 2012
M T W T F S S
« Feb   Apr »
 1234
567891011
12131415161718
19202122232425
262728293031  

Archives

Copyright © 2014 The Minority Report Network