Obama to loan $100 billion of your money to IMF.

In one day, Obama proposes $100 million is spending cuts while promising to fulfill his commitment to loan the International Monetary Fund $100 billion.

His campaign motto for 2012 should be altered to, "Hope you have some change in your pocket."

From Reuters. (H/T to Don Surber)

Reuters-President Barack Obama on Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF's resources and urged a bigger stake in the IMF for emerging powers.

In a letter to U.S. congressional leaders, Obama said the U.S. funding "does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets."

The $100 billion is part of commitments made by Group of 20 countries at a London summit on April 2, which agreed to triple IMF resources to a total of $750 billion to help the IMF respond to crises in emerging market economies as a result of the global financial crisis and economic downturn. read more...

Well, there goes all of that "massive" $100 million in fiscal sanity that was being proposed.



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