$108 Billion to the IMF – more great tax payer money usages

Congressional leaders agreed Tuesday to calculate the cost of a new U.S. contribution to the International Monetary Fund in a relatively inexpensive way or as Michelle Malkin puts used their “fuzzy math”, paving the way for possible Congressional approval within weeks. More from the Wall Street Journal:

The Obama administration has pledged a $108 billion contribution to the IMF, as part of a $500 billion global boost to IMF resources. The White House has argued that this is a necessary contribution to global financial stability and would send a signal that there is enough money to help prevent struggling countries from becoming further enmeshed in economic crises. Congressional approval would put pressure on European nations, China, Brazil and others to increase their lending to the IMF.

But the U.S. contribution became entangled in arcane — though politically important — budget math. The White House had argued that the action shouldn’t be characterized as a $108 billion expenditure, which would make it difficult to sell at a time when Congress has recently passed a series of multibillion-dollar spending bills.

No TweetBacks yet. (Be the first to Tweet this post)

May 13, 2009 · Filed Under General Politics


Comments