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Obama Wants 2B. in Loan Assistance to Egypt 

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Old 05-22-2011, 12:51 PM
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Obama Wants 2B. in Loan Assistance to Egypt

Lawmakers Resist Obama's Call for $2B in Loan Assistance to Egypt

Updated: Saturday, 21 May 2011, 11:31 AM CDT
Published : Saturday, 21 May 2011, 11:31 AM CDT

(Fox News) - WASHINGTON -- President Barack Obama's call for $2 billion in loan assistance to Egypt has left many political figures scratching their heads as they try to figure out why a debt-ridden US would commit that much money to a country whose new government may not end up friendly to America, FOXNews.com reported Saturday.

In Thursday's sweeping address on the uprisings in the Middle East and North Africa, the president said he wants the US to forgive roughly $1 billion in debt owed by Egypt and to provide another $1 billion in loan guarantees to free up money for job-creation efforts there.

"We do not want a democratic Egypt to be saddled by the debts of its past," Obama said. "So we will relieve a democratic Egypt of up to $1 billion in debt and work with our Egyptian partners to invest these resources to foster growth and entrepreneurship."

But with the US grappling with more than $14 trillion in debt and lawmakers fighting over the terms for increasing the nation's own ability to borrow money, the president's call to help Egypt has faced resistance in Congress.

"Considering our own national debt, we cannot afford to forgive up to $1 billion of Egypt's debt," said Rep. Ileana Ros-Lehtinen (R-Fla.), the chairwoman of the House Foreign Affairs Committee.

"I am deeply concerned that the president did not rule out providing aid to Egypt if the Muslim Brotherhood is part of the government," she said. "The US should only provide assistance to Egypt after we know that Egypt's new government will not include the Muslim Brotherhood and will be democratic, pro-American and committed to abiding by peace agreements with Israel."

Former New Mexico Gov. Gary Johnson, who is running for the Republican presidential nomination, wrote on his Twitter account, "Pres. Obama: $2B in loan guarantees for Egypt. Guaranteed with WHAT?? We're broke. Who will guarantee our guarantee??"

Sen. Tom Coburn (R-Okla.) had a similar reaction.

"Where are we going to get $1 billion?" he told Dow Jones Newswires. "If we give them $1 billion, we're going to borrow $400 million from the Chinese."

Sen. Dianne Feinstein (D-Calif.), a senior member of the Senate Appropriations Committee, which would have to allocate the funds, told Dow Jones, "I don't know where this money is going to come from. Two billion dollars, when everything is getting cut to the bone, is going to be difficult."

The White House says it is expecting broad international support for Egypt and Tunisia, the two nations seen as models while protests for freedoms elsewhere have been crushed. While uprisings in Egypt and Tunisia led to dictators being toppled, protesters in Bahrain, Yemen, Syria and other nations have endured brutal setbacks.

Read more: http://www.myfoxhouston.com/dpps/new...#ixzz1N64XxpBJ

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Old 05-22-2011, 01:04 PM
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Re: Obama Wants 2B. in Loan Assistance to Egypt

Ugh, Okay Barack, buddy... I know you're a DR member. I can't keep defending you. This is a shit idea man. Fuck Egypt. The people wanted better leadership, that's cool. But they should have thought about how they were gonna pay for their infrastructure before they got all "freedom happy". I've got enough to pay for currently. Please don't send my tax money to Egypt.

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Old 05-22-2011, 01:24 PM
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Re: Obama Wants 2B. in Loan Assistance to Egypt

I guess he figures we are trillions in debt.....a few billion won't make much difference.

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Old 05-22-2011, 02:33 PM
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Re: Obama Wants 2B. in Loan Assistance to Egypt

Hey, gotta bribe the new guys in office to suck Israel's dick like Mubarak did.

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