McMorris Rodgers and Colleagues Introduce

Bill to Protect U.S. Taxpayers from European Bailout

“America Must End Bailouts, Not Export Them”

Washington, DC – Rep. Cathy McMorris Rodgers (R-WA), Vice Chair of the House Republican Conference, joined Rep. Mike Pence, the Conference Chairman; Rep. Jerry Lewis, Ranking Member of the House Appropriations Committee; Rep. Jeb Hensarling; and Rep. Kay Granger in introducing legislation today to stop U.S. tax dollars from being used by the International Monetary Fund (IMF) for bailouts for European countries.

Rep. McMorris Rodgers released the following statement today as the European Bailout Protection Act was introduced:

“All across America, people are suffering from ‘bailout fatigue,’ and yet the Obama Administration is launching a new bailout bonanza: $8 billion in U.S. tax dollars for Greece, over $50 billion for the European Union, and perhaps billions more as European governments face the inevitable fiscal crunch caused by generous welfare benefits whose costs have become too exorbitant to pay.”

“Former British Prime Minister Margaret Thatcher once said, ‘The trouble with socialism is that you eventually run out of other people's money.’  That is true, as we see today in Europe.  I don’t want America to become an ATM machine for failed socialist policies thousands of miles away.  The only way to restore Europe to prosperity is by following the path forged by Lady Thatcher: Reduce taxes, spending and borrowing.  That requires tough choices and strong leadership.  We see such leadership in places like New Jersey, where Governor Chris Christie is restoring fiscal sanity to his state.  A $967 billion European bailout – partly underwritten by U.S. taxpayers – is an indication of failed leadership.  An economic crisis caused by too much spending and borrowing will not be solved by more spending and borrowing.  A ‘Euro-TARP’ is the wrong approach.”

“Our legislation will protect U.S. taxpayers from becoming more involved in a ‘Euro-TARP’ by merely requiring the EU nations to meet the fiscal requirements mandated by their own charter before they can withdraw U.S.-provided funds from the IMF.”

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