Ted Poe: “The International Monetary Fund, the IMF, is guaranteeing up to $321 billion in loans to bail out European Union…”

“The International Monetary Fund, the IMF, is guaranteeing up to $321 billion in loans to bail out European Union countries, like Greece, Portugal and Spain. That means American taxpayers will be on the hook for billions of dollars for these unsecured loans. We're the IMF's largest contributor. Also, the European Union was formed to compete economically with the United States. Now it's crashing down like a socialist stack of cards. So U.S. taxpayers are going to pay to support our international competitor--the EU. Why should American taxpayers bail out Europe's big pensions--and their government-run health care? Greece is in the EU and it's the EU's responsibility, not ours. I don't see the IMF coming to the rescue of California and New Jersey. Their economies are bigger than Greece's and they are in financial chaos as well. Mr. Speaker, the American taxpayer is tapped out. We have 10 percent unemployment. We don't have the money to bail out Greece. It's time Uncle Sam quit being the ATM for the rest of the world, stop spending money we don't have, and stop the bailout nonsense. And that's just the way it is.”