Senate Rejects Move to Cut IMF Contributions |
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May 21,2009
The Senate Thursday decisively rejected an attempt to eliminate $108 billion in U.S. contributions to the International Monetary Fund, but the fate of the funding remains uncertain despite the strong backing of the White House.
The Senate Thursday decisively rejected an attempt to eliminate $108 billion in U.S. contributions to the International Monetary Fund, but the fate of the funding remains uncertain despite the strong backing of the White House.
Some House Republicans have said they will oppose the "supplemental" war spending bill that contains the IMF contribution if it isn't removed. House Appropriations Chairman Rep. David Obey (D., Wis.) added further uncertainty Thursday by suggesting he might oppose it too unless the U.S. can persuade European countries to boost spending on economic stimulus measures.
"We don't want Uncle Sam to be Uncle Sucker," Mr. Obey told Treasury Secretary Timothy Geithner at a hearing.
Still, lawmakers face considerable pressure to approve the money. President Barack Obama requested the contribution as part of a $500 billion contribution involving a number nations.
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