Obama asks Congress to back IMF boost – US contribution to the fund to 100 billion dollars

Well so much for Hussein Obama “trimming the budget” by $100 million on Monday. Hussein Obama Monday asked Congress to back an expansion of an IMF emergency fund by 500 billion dollars in a move designed to expand its reach to big emerging market nations. According to Breitbart:

Obama also asked lawmakers to approve a US contribution to the fund to 100 billion dollars, as part of the plan to swell International Monetary Fund reserves agreed at this month’s Group of 20 summit in London. The president made the request in several letters to Democratic and Republican congressional leaders on Monday, pointing out that the fund did not require an extra financial outlay from the United States.

When Washington transfers funds to the IMF under the program, known as an expansion of the New Arrangements to Borrow (NAB), it would receive interest bearing assets in return, backed up by IMF resources including gold stocks.

“Our proposal to increase US participation in the NAB by up to 100 billion as part of an overall increase of 500 billion dollars was warmly endorsed by the G20 Leaders,” the letters said.

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April 20, 2009 · Filed Under Barack HUSSEIN Obama, Government Spending


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