|00:00:00||REPORTS THAT THE I.|
|00:00:02||M.F. HAS $268 BILLION TO LEND, AN AMOUNT THAT COULD QUICKLY BE EXCEEDED BY A EUROPEAN DEBT CRISIS.|
|00:00:10||M.F. MAY NOT HAVE THE RESOURCES TO HANDLE THIS CRISIS AND THE FED AND THE U.|
|00:00:14||S. TAXPAYER MAY BE CALLED ON TO BAIL OUT THESE IRRESPONSIBLE GOVERNMENTS.|
|00:00:20||FEW IN CONGRESS EVEN KNOW OF THIS DANGER.|
|00:00:22||TO OUR ECONOMY AND TO OUR FAMILY.|
|00:00:24||THE SPEAKER PRO TEMPORE: THE GENTLEMAN'S TIME HAS EXPIRED.|
|00:00:27||FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA RISE?|
|00:00:30||>> MR. SPEAKER, I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.|
|00:00:32||THE SPEAKER PRO TEMPORE: WITHOUT OBJECTION.|
|00:00:35||BACA: I STAND THIS MORNING IN SOLIDARITY FOR ALL THOSE WHO RESPECT FAIRNESS AND JUSTICE IN OPPOSITION TO THE ARIZONA STATE BILL,|
Mr. KIRK. Too often, the Congress focuses on problems of the past, not dangers to come. Last month, the Greek Government lost its AAA credit rating. On May 19, Greece will have to pay $10 billion in loans that it does not have the money to cover. The market will only lend now at a 24 percent interest rate. Estimates are that an IMF Greek bailout will cost $100 billion.
On Monday, Portugal lost its AAA rating, and this news triggered a sudden loss in our own stock market. Yesterday, Spain lost its credit rating, and the Spanish problem is five times the size of the Greek problem. Italy and Ireland may be next. We may soon face a sovereign debt crisis.
CRS reports that the IMF has $268 billion to lend, an amount that could quickly be exceeded by a European debt crisis. The IMF may not have the resources to handle this crisis, and the Fed and the U.S. taxpayer may be called on to bail out these irresponsible governments. Few in Congress even know of this danger to our economy and to our family incomes.