What: All Issues : Aid to Less Advantaged People, at Home & Abroad : Poor People in Developing Countries : (S. 679) On an amendment that would have eliminated a $100 billion line of credit made available by the U.S. to the International Monetary Fund (2011 senate Roll Call 99)
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(S. 679) On an amendment that would have eliminated a $100 billion line of credit made available by the U.S. to the International Monetary Fund
senate Roll Call 99     Jun 29, 2011
Progressive Position:
Nay
Progressive Result:
Win

This was a vote on an amendment by Sen. Jim DeMint (R-SC) that would have eliminated a $100 billion line of credit made available by the U.S. to the International Monetary Fund (which provides loans to struggling and developing countries). This amendment was offered to legislation reducing the number of federal presidential appointments that were required to be approved by the U.S. Senate.

DeMint urged support for his amendment: “Americans have gotten plenty tired of our spending and our borrowing, and particularly the bailouts they have seen from Washington and how these bailouts have not worked but often made things worse. The international bailout fund is the International Monetary Fund. In 2009, this Congress passed an additional $100 billion credit line to the International Monetary Fund. This can be drawn on without any congressional approval, without the President's approval. It is an open checkbook, in effect, that the International Monetary Fund can use, and they will use, during these difficult times, as we see irresponsible nations such as Greece that need international funds to continue their profligate spending.”

No senators spoke in opposition to DeMint’s amendment. In an earlier debate over this line of credit, however, Sen. John Kerry (D-MA) had argued: “The fact is that if those emerging markets start to fade, not only do we lose the economic upside of those markets, but we also run the risk that governments fail."

The Senate rejected DeMint’s amendment by a vote of 44-55. Voting “yea” were 43 Republicans and 1 Democrat. 51 Democrats and 4 Republicans voted “nay.” As a result, the Senate rejected an amendment that would have eliminated a $100 billion line of credit made available by the U.S. to the International Monetary Fund.

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