This week, I joined several other Republican leaders on the House Financial Services Committee in sending a letter to Treasury Secretary Timothy Geithner that expressed our strong opposition to “American taxpayer dollars being used to bail out Europe” and requested assurances that “taxpayer funds will not be used to subsidize Europe’s financial programs through additional contributions to the International Monetary Fund (IMF).”
While both President Obama and Secretary Geithner have previously stated that “Europe has both an obligation and the financial capacity to solve the Eurozone debt crisis,” I felt it was important to urge them to hold fast to this conviction and protect the tax dollars of hard working Americans.
The debt crisis in Europe should be a stern warning to the United States of America that we must stop spending money we don’t have—borrowing nearly 40 cents of every dollar we spend and sending the bill to our children and grandchildren.
Almost two million more Americans have lost their jobs since President Obama took office, while the nation is stuck in the longest period of sustained high unemployment since the Great Depression. Gas prices have doubled, new business start-ups have fallen to a 17-year low, and the number of Americans relying on food stamps is at an all-time high. According to the Census Bureau, almost half the country is now living in either poverty or low income.
Our priority must remain the jobs crisis in our own country so that the American people can get the jobs and economic recovery they so desperately need. I remain dedicated to opposing bailouts and fighting against the culture of wasteful Washington spending. I will continue working tirelessly to put our nation on a sustainable fiscal path.
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