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Republicans introduce bill to prevent Euro bailout
Washington Post ^ | 05/14/2010 | David Weigel

Posted on 05/14/2010 10:10:42 AM PDT by SeekAndFind

After a week of preemptive attacks on a possible IMF bailout of Greece, Rep. Mike Pence (R-Ind.) introduces the European Bailout Protection Act, aimed at preventing taxpayer dollars from going to a rescue plan.

"This legislation would require that countries like Greece cut spending and put their own fiscal house in order," says Pence, backed up by other members of the House GOP, "instead of looking to the United States for a bailout. We face record unemployment and a debt crisis of our own, and American taxpayers should not be forced to bear the risk for nations that have avoided making tough choices."

The full release is below the fold, with the detail that the bill "does not permanently prohibit the IMF from lending" to the troubled counties. Nevertheless, Ezra Klein is not a fan of this proposal.

U.S. Congressman Mike Pence, Chairman of the House Republican Conference, joined Conference Vice-Chair Cathy McMorris Rodgers, Ranking Member of the House Appropriations Committee Rep. Jerry Lewis, Rep. Jeb Hensarling, and Rep. Kay Granger in introducing legislation today to stop U.S. tax dollars from being used by the International Monetary Fund (IMF) for bailouts for European countries. Rep. Pence released the following statement today as the European Bailout Protection Act was introduced:

“The American people are fed up with taxpayer-funded bailouts and deserve to know we are bailing out Greece and possibly other European countries. If the Obama Administration has its way, the U.S. will contribute to a nearly trillion dollar bailout of European countries with economic crises that are a direct result of wasteful government spending.

“This legislation would require that countries like Greece cut spending and put their own fiscal house in order, instead of looking to the United States for a bailout.

(Excerpt) Read more at voices.washingtonpost.com ...


TOPICS: Breaking News; Business/Economy; Foreign Affairs; Government; News/Current Events; US: Indiana
KEYWORDS: act; bailout; bill; eu; euro; european; greece; indiana; introduce; mikepence; pence; prevention; republican; republicans
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1 posted on 05/14/2010 10:10:43 AM PDT by SeekAndFind
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To: SeekAndFind

The European Bailout Protection Act would:

1) Prohibit any funds that have yet to be drawn by the IMF from being used to provide financing to any EU countries until all EU nations are in compliance with the debt to GDP ratio requirement in their own collective growth pact.

2) Require the Treasury Secretary to oppose any IMF loans to EU nations until all EU countries are in compliance with their debt to GDP ratio requirement.

The bill does not permanently prohibit the IMF from lending to these nations; it simply prohibits the U.S. from participating in the proposed European bailout.


2 posted on 05/14/2010 10:11:14 AM PDT by SeekAndFind
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To: SeekAndFind

Good for Pence!


3 posted on 05/14/2010 10:12:36 AM PDT by 9YearLurker
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To: SeekAndFind

SeekAndFind,

If Spain fails, the Euro will be over, and if so, the shockwaves will hit the entire global economy.

The situation is critical and the media hides it. Despite the Spanish economy being now de facto in the hands of the IMF, the stock exchange has lost a 6% today.


4 posted on 05/14/2010 10:15:36 AM PDT by J Aguilar (Fiat Justitia et ruat coelum)
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To: SeekAndFind

It’s a START....


5 posted on 05/14/2010 10:15:40 AM PDT by goodnesswins (Destroy AMERICA.....Vote DEMOCRAT)
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To: SeekAndFind

Spine, guts, and gonads scarce among the GOP in DC and everywhere else except in New Jersey. Behold an American that puts his state and country above power, greed, and corruption. You know the names in DC that fit the Elitist, corrupt, amoral description. Start with Obama, Pelosi, Reid, Stupak, Frank, Feinstein, Boxer, and the rest of the 525+ including the RINOs which are in abundant numbers. Scroll down and click on the video that Rush just played.

http://blog.savejersey.com/2010/05/11/autosaved-90909-am.aspx


6 posted on 05/14/2010 10:17:38 AM PDT by ExTexasRedhead (Clean the RAT/RINO Sewer in 2010 and 2012)
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To: SeekAndFind
“The American people are fed up with taxpayer-funded bailouts and deserve to know we are bailing out Greece and possibly other European countries."
7 posted on 05/14/2010 10:18:38 AM PDT by kcvl
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To: 9YearLurker
Good for Pence!

Not sure if this bill will go anywhere between now and November. The GOP is the minority party and I'm not sure if it will even pass the house.

Will most of the PIIGS survive by November ?
8 posted on 05/14/2010 10:21:28 AM PDT by SeekAndFind
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To: kcvl

If the people knew what it is happening, they would panic.


9 posted on 05/14/2010 10:24:12 AM PDT by J Aguilar (Fiat Justitia et ruat coelum)
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To: SeekAndFind

Not sure if this bill will go anywhere between now and November. The GOP is the minority party and I’m not sure if it will even pass the house.

Who cares, at least it will make the dem’s take a position on an issue (Greece Bailout) that American voters are vehiminently opposed to.


10 posted on 05/14/2010 10:24:24 AM PDT by BradtotheBone (Moderate Democrat - A politician whose voting record leans left and whose vote can be bought.)
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To: SeekAndFind

It is not something risible. The default of a economy as big as the Spanish would probably drag others. And Britain is in as bad economical shape as any South Mediterranean country, although devaluation of their currency has hidden it for a while.

We are facing a chain default of big economies. No one would be unaffected.


11 posted on 05/14/2010 10:27:10 AM PDT by J Aguilar (Fiat Justitia et ruat coelum)
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To: SeekAndFind

It is not something risible. The default of a economy as big as the Spanish would probably drag others. And Britain is in as bad economical shape as any South Mediterranean country, although devaluation of their currency has hidden it for a while.

We are facing a chain default of big economies. No one would be unaffected.


12 posted on 05/14/2010 10:27:35 AM PDT by J Aguilar (Fiat Justitia et ruat coelum)
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To: SeekAndFind

It’s already time for Euro bailout two.


13 posted on 05/14/2010 10:32:08 AM PDT by pallis
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To: pallis
It’s already time for Euro bailout two.

A trillion doesn't go as far as it used to.

14 posted on 05/14/2010 10:33:28 AM PDT by NeoCaveman (we now live in a post-Obamapacolyptic world)
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To: SeekAndFind

I want to see the Democrats voting FOR sending $65 Billion in US taxpayer money to greece, when we have 40 Million on foodstamps and 10% unemployment


15 posted on 05/14/2010 10:36:29 AM PDT by tcrlaf (Obama White House=Tammany Hall on the National Mall)
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To: SeekAndFind

Good —


16 posted on 05/14/2010 10:39:45 AM PDT by Uncle Chip (TRUTH : Ignore it. Deride it. Allegorize it. Interpret it. But you can't ESCAPE it.)
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To: J Aguilar
The imminent collapse of the Eurozone has me grinning from ear-to-ear.

Even the very plausible loss of the UK's AAA status is fine by me (I am a UK citizen).

Socialism breaks down. The important thing is to let it.

17 posted on 05/14/2010 10:42:03 AM PDT by agere_contra
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To: SeekAndFind

This is like my friend who bought an alarm system for his house... after he got robbed.


18 posted on 05/14/2010 10:43:15 AM PDT by Eyes Unclouded ("The word bipartisan means some larger-than-usual deception is being carried out." -George Carlin)
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To: tcrlaf

Obama will just sign some Executive Order and gave the money away. But good for Pence for at least trying.


19 posted on 05/14/2010 10:44:10 AM PDT by ilovesarah2012
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To: Pride in the USA
It's good to see Congresswoman McMoris Rodgers' name on this. You can read her personal statement about it on her website, here: Link. I especially like her comment that: "I don’t want America to become an ATM machine for failed socialist policies thousands of miles away." Great sound bite!

I just sent her a note of support and thought you may wish to as well.

20 posted on 05/14/2010 10:47:50 AM PDT by lonevoice (If Fox News is the only outlet reporting it, did it really happen?)
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To: SeekAndFind

if pubbies keep this up they will win 80 seats in november!!


21 posted on 05/14/2010 10:52:51 AM PDT by genghis
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To: SeekAndFind
"This legislation would require that countries like Greece cut spending and put their own fiscal house in order, instead of looking to the United States for a bailout. "

Don't any of these morons understand that it is insane to be lending (giving away) money when you had to borrow it in the first place?

I'd really like to see someone propose legislation that would:
Require that the USA cut spending, cut unnecessary programs, cut government salaries and entitlements, cease all foreign lending other than that which is spent on US goods and services, cease all foreign aid not related to defense of an ally, cease all dues paid to supanational debating societies and one-world wannabes, and, in a timely manner, pay off legitimate loans (bailouts) it has already accepted.

Then I'll worry about somebody else's mismanagement issues.

22 posted on 05/14/2010 10:59:50 AM PDT by norton
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To: SeekAndFind

How’s this playing out on CrapNewsNetwork and the rest of the Lamestream Media?

Are they portraying Republicans as “heartless conservatives” again? And losing more common-sense viewers in the process??

(Bwaaaahahahahaha!!!)


23 posted on 05/14/2010 11:12:18 AM PDT by canuck_conservative
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To: SeekAndFind
all EU countries are in compliance with their debt to GDP ratio requirement

What's our ratio right now?
24 posted on 05/14/2010 11:16:58 AM PDT by BJClinton ("Worse" technically is "change".)
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To: J Aguilar

“We are facing a chain default of big economies. No one would be unaffected.”

True, but necessary. If we go through with a series of bailouts, it’s just like giving the junkie money for “one more fix.” The Greek, Spanish and Italian economic policies will change just as much as the junkie will voluntarily go to rehab.

We’ve postponed the day of reckoning long enough. Let’s just take our medicine and get this over with.


25 posted on 05/14/2010 11:22:18 AM PDT by henkster (A broken government does not merit full faith and credit.)
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To: BJClinton
What's our ratio right now?

You can view the debt as percentage of GDP on this site

There are other sites, but this looks quite up-to-date.

TO make a long story short, we're not yet as bad as most European countries and even Japan, but we're perilously close to getting there.

26 posted on 05/14/2010 11:22:31 AM PDT by SeekAndFind
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To: SeekAndFind
If Greece continues as the are the money will just evaporate into the socialist consumption mill anyway. Everyone is putting off the inevitable.

I wouldn't mind a few more years to get ready for an economic collapse...but it's only going to be worse the longer we wait. Some are not prepared and will never even try to be prepared.

27 posted on 05/14/2010 11:25:01 AM PDT by Earthdweller (Harvard won the election again...so what's the problem.......?)
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To: All

So can anyone tell me—IF we bail out these countries, will it make any difference at all, other than prolonging the inevitable?

I’ve seen lots of debate on this, but by stupid people who don’t know what they’re talking about. I figured people here might be a little better informed. Are any FReepers actually IN FAVOR of the bailout?


28 posted on 05/14/2010 11:25:49 AM PDT by RaiderRose (Obama has cured my husband's political apathy.)
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To: SeekAndFind

About freaking time!


29 posted on 05/14/2010 11:27:31 AM PDT by Captain Beyond (The Hammer of the gods! (Just a cool line from a Led Zep song))
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To: J Aguilar

10,581.09
-201.86 (-1.87%)
Real-time: 2:37PM EDT

http://www.google.com/finance?client=ob&q=INDEXDJX:DJI


30 posted on 05/14/2010 11:38:38 AM PDT by kcvl
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To: SeekAndFind

Ah thanks. 52.9% in 2009. Probably close to 54% by now.


31 posted on 05/14/2010 11:59:35 AM PDT by BJClinton ("Worse" technically is "change".)
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To: NeoCaveman
It’s already time for Euro bailout two. A trillion doesn't go as far as it used to.

I'm series.

How does a nataion that is
bankrupt and defunct
get bailed out by a fund that is essentially
bankrupt and defunct?

32 posted on 05/14/2010 12:18:04 PM PDT by evad (Jack has become "The Terminator")
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To: evad

must be some kind of weird derivative scheme.


33 posted on 05/14/2010 12:19:20 PM PDT by evad (Jack has become "The Terminator")
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To: evad
Q How did Wile E Cyote able to run in the air for a while before falling?

A He didn't look down.


34 posted on 05/14/2010 12:21:44 PM PDT by NeoCaveman (we now live in a post-Obamapacolyptic world)
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To: pallis; sickoflibs; stephenjohnbanker; DoughtyOne; dennisw; TigerLikesRooster; FromLori
It’s already time for Euro bailout two.

Why won't California demand a bailout after we pay whatever the Euro blackmailers demand? Will the political will to stop bailouts emerge only when the USA credit rating is downgraded?

35 posted on 05/14/2010 1:27:46 PM PDT by ding_dong_daddy_from_dumas (Pat Caddell: Democrats are drinking kool-aid in a political Jonestown)
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To: ding_dong_daddy_from_dumas

I know that’s tongue in cheek, but California mostly got itself into the mess. I only say mostly because there massive federal unfunded mandates these days. That part you can’t blame California for, but other states are having to deal with it too.

California has been exposed to the will of the leftist Legislature. That has to change.


36 posted on 05/14/2010 1:30:40 PM PDT by DoughtyOne (Excusaholic: MeCain lost to Jr., RINO endorsements are flying, & you live at 2012 Denial Blvd.)
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To: DoughtyOne

The larger point is that there is a very long line of entities, (governments, corporations and other monstrosities like Fannie.Freddie), each of which will say to Uncle Sugar, if you don’t pay me $xxxxxxxxxxxx you will be sorry, and the world will come to an end.

We’ll see what happens if Cal. elects a Dem governor. I must say though, that some Dem governors would be better than Charlie Crist.


37 posted on 05/14/2010 1:49:21 PM PDT by ding_dong_daddy_from_dumas (Pat Caddell: Democrats are drinking kool-aid in a political Jonestown)
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To: ding_dong_daddy_from_dumas

We’ve got the diseased vairiety that only grows big and tall under the California sunshine after plenty of fertilization from the Legislature in the state. Crist is a jerk. Imagine a Bustamante, Villagarosa, or another term of Jerry Brown.

We need to be responsible for our own debt. I’m sure you agree with that, but it really annoys me to hear talk of a bail-out. Heads should role first. We need a lot of high branches and short ropes.


38 posted on 05/14/2010 1:54:09 PM PDT by DoughtyOne (Excusaholic: MeCain lost to Jr., RINO endorsements are flying, & you live at 2012 Denial Blvd.)
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To: SeekAndFind

and the RATS, take another one in the..............................HA ha!!!

39 posted on 05/14/2010 4:12:34 PM PDT by Chode (American Hedonist *DTOM* -ww- NO Pity for the LAZY)
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To: evad
"How does a nataion that is bankrupt and defunct get bailed out by a fund that is essentially bankrupt and defunct? "

This can be easily explained.

The EU is shifting the risk, and by extension the debt, westward.

First London, then NY, and of course Washington DC.

This default will continue to morph, spread and move until the PAYER OF LAST RESORT, the US taxpayer, refuses the loan.

At that point things get really, really ugly.

40 posted on 05/14/2010 4:15:43 PM PDT by Mariner
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To: SeekAndFind

I think he’s a bit late trying to shut that barn door.


41 posted on 05/14/2010 4:50:22 PM PDT by rightwingcrazy
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To: SeekAndFind

Our government needs to be neutered.


42 posted on 05/14/2010 4:56:33 PM PDT by wastedyears (The Founders revolted for less.)
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To: SeekAndFind

a eurozone default would be a windfall for
the US.


43 posted on 05/14/2010 8:03:36 PM PDT by element92
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To: SeekAndFind
Good. Somebody has to start telling the liberals the party's over.

Obamanomics 101 bumper sticker
44 posted on 05/14/2010 8:21:29 PM PDT by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
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To: SeekAndFind

No bailout for EU... great

NOW, GOP needs to come up with a Bill for NO BAILOUT for Obammy’s TEACHERS’ UNION!!


45 posted on 05/14/2010 8:44:08 PM PDT by gwilhelm56 (The one thing we learn from history is .. People REFUSE to Learn from History!!)
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To: DoughtyOne
what is the average percentage of federal government mandates per state of yearly budgets? And do the states get that money from the feds each year or are we basically being double taxed by the fed through the state to cover the federal mandates?
46 posted on 05/14/2010 9:01:43 PM PDT by guitarplayer1953 (Rebellion to Tyrants is Obedience to GOD! Thomas Jefferson)
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To: DoughtyOne
We need to be responsible for our own debt. I’m sure you agree with that, but it really annoys me to hear talk of a bail-out. Heads should role first. We need a lot of high branches and short ropes.

I know you are opposed to bailouts, but we do have a lot of irresponsible officials or outright crooks in government, and not only in California.

47 posted on 05/14/2010 11:56:47 PM PDT by ding_dong_daddy_from_dumas (Pat Caddell: Democrats are drinking kool-aid in a political Jonestown)
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To: J Aguilar
We are facing a chain default of big economies.

"Socialist governments traditionally do make a financial mess. They always run out of other people's money."

-- Margaret Thatcher (Feb 5, 1976)

48 posted on 05/15/2010 6:08:38 AM PDT by mellow velo (Elect an adult; vote Conservative.)
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To: ding_dong_daddy_from_dumas

I agree with that. No doubt about it...


49 posted on 05/15/2010 10:05:00 AM PDT by DoughtyOne (Excusaholic: MeCain lost to Jr., RINO endorsements are flying, & you live at 2012 Denial Blvd.)
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To: AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...
thanks SeekAndFind.
50 posted on 05/15/2010 12:38:08 PM PDT by SunkenCiv ("Fools learn from experience. I prefer to learn from the experience of others." -- Otto von Bismarck)
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