House Republicans on Wednesday criticized the Obama administration for supporting a financial bailout of debt-laden Greece, and touted legislation they've drawn up that would prevent U.S. dollars from being used to fund such a maneuver.
"The European Bailout Protection Act [was] designed to pull back from this administration’s head rush to take the bad ideas of the Wall Street bailout and take them global,” House Republican Conference Chairman Mike Pence (D-Ind.) argued.
According to the Pence, the bill does not permanently prohibit the International Monetary Fund (IMF) from lending to these nations; it simply prohibits the United States from participating in the proposed European bailout.
Other members present, including Reps. Jeb Hensarling (R-Texas), Todd Tiahrt (R-Kan.), and Tom McClintock (R-Calif.) shared Pence’s views, explaining that the bailout would merely be a temporary solution and that they hoped there could be bipartisan effort to reconsider the terms of the bailout before moving forward.
“There is an element of simply forestalling the pain for one generation and transferring even greater pain to the next generation,” Hensarling said. “All bets are off, all taxpayer commitments have to be re-examined.”
Added Tiahrt, “This is a good opportunity for America to wake-up and to become sober when it comes to spending.”
House Republicans Object To Proposed Bailout Of Greece
Talk Radio News Service
House Republicans on Wednesday criticized the Obama administration for supporting a financial bailout of debt-laden Greece, and touted legislation they've drawn up that would prevent U.S. dollars from being used to fund such a maneuver.
"The European Bailout Protection Act [was] designed to pull back from this administration’s head rush to take the bad ideas of the Wall Street bailout and take them global,” House Republican Conference Chairman Mike Pence (D-Ind.) argued.
According to the Pence, the bill does not permanently prohibit the International Monetary Fund (IMF) from lending to these nations; it simply prohibits the United States from participating in the proposed European bailout.
Other members present, including Reps. Jeb Hensarling (R-Texas), Todd Tiahrt (R-Kan.), and Tom McClintock (R-Calif.) shared Pence’s views, explaining that the bailout would merely be a temporary solution and that they hoped there could be bipartisan effort to reconsider the terms of the bailout before moving forward.
“There is an element of simply forestalling the pain for one generation and transferring even greater pain to the next generation,” Hensarling said. “All bets are off, all taxpayer commitments have to be re-examined.”
Added Tiahrt, “This is a good opportunity for America to wake-up and to become sober when it comes to spending.”