McMorris Rodgers Reacts to IMF Director’s Comment on Need for More U.S. Tax Money for European Bailouts

U.S. Has Already Contributed $100 Billion + to Bailouts;
“We Cannot Take the ‘Too Big to Fail’ Philosophy to a Global Level” 

 

Washington, D.C. – Rep. Cathy McMorris Rodgers (R-WA), Vice Chair of the House Republican Conference, released the following statement today after International Monetary Fund (IMF) Director Christine Lagarde distributed a document at an IMF steering committee meeting warning that the IMF’s growing participation in European bailouts means the organization will likely need to increase its global bailout fund – a fund to which U.S. taxpayers have already contributed over $100 billion:

“At a time when the federal government is borrowing $5 billion every day on top of a $14 trillion national debt, we should not be funneling billions of dollars through the IMF to bail out Greece, Portugal, Ireland, and other wealthy European countries.  The European Union was set up to be an economic competitor to the United States, and therefore, any bailout funds should come from the E.U., not the U.S.  The global debt crisis was caused by too much spending and borrowing and that crisis will not be solved by more spending and borrowing.  We cannot take the ‘too big to fail’ philosophy to a global level.  The only thing ‘too big to fail’ is America itself.” 

The U.S. is the leading contributor to the IMF, providing the organization with 17.3 percent of its funding.

Since the European debt crisis broke, the IMF has committed $336 billion to bailing out European governments.  The Frankfurter Allgemeine Zeitung reports the IMF is hoping to increase its total financial resources by another $360 billion.

On March 24, 2010, Rep. McMorris Rodgers was the first Member of Congress to publicly oppose U.S. involvement in a European bailout.  Greece became the first country to receive an IMF bailout seven weeks later. 

On June 24, 2011, Rep. McMorris Rodgers and Sen. Jim DeMint (R-SC) introduced legislation that would rescind the IMF’s authority to spend up to $108 billion of U.S. taxpayer money that is currently available to fund these disastrous bailouts. 

A full compilation of the Congresswoman’s work on this issue can be found here

 

Recent Posts


Jul 11, 2024
Press

McMorris Rodgers Statement on Preliminary Agreement of Columbia River Treaty

Washington, D.C. – Eastern Washington Congresswoman Cathy McMorris Rodgers (WA-05) released the following statement in response to the announcement that an agreement in principle has been reached between the United States and Canada on the Columbia River Treaty.  “I am encouraged to hear that a preliminary agreement has been reached to finally modernize the Columbia […]



Jul 11, 2024
Immigration Reform

Safeguarding Americans’ Right To Vote

Did you know that more than 500 non-citizens are registered to vote in local elections in Washington, D.C.? With more than 5 million illegal immigrants released into the United States under President Biden’s watch, we cannot allow this to become the norm across America. Free and fair elections are the foundation of our democracy, but […]



Jul 10, 2024
Clean Energy

Protecting Americans’ Home Appliances From D.C. Bureaucrats

President Biden’s war on American energy has gotten out of control. With the help of House Democrats and Governor Jay Inslee, this administration has unleashed every burdensome regulation you can think of on home appliances like dishwashers, washing machines, refrigerators, air conditioners, and dryers – just to name a few. As a result, the American […]