Lance Opposes U.S. Bailout For Greece

Press Release

Congressman Leonard Lance (NJ-07) today called on the Obama Administration to block any American taxpayer-funded bailouts of Greece.

According to news reports, Greece is seeking funding from the International Monetary Fund (IMF), due to the country's debt, and other European countries, including Portugal and Spain, may soon make similar appeals. Lance said he believes American taxpayers are fed up with bailouts and reckless Washington spending.

"American taxpayers are struggling with record high taxes as a result of runaway spending in Washington and can't afford another bailout --especially a European-style bailout," said Lance. "The Obama Administration must reject a plan to provide Greece with U.S. financial assistance in the face of that country's massive debt crisis."

Specifically, Lance signed a letter to U.S. Treasury Secretary Tim Geithner, calling on the Obama Administration to block any American taxpayer-funded bailouts of Greece.

"We urge the administration on an on-going basis to use any existing authority to protect American taxpayers from billions more in bailouts," Lance said in a letter he signed with Reps. Mike Pence (R-IN), Cathy McMorris Rogers (R-WA) and others. "Propping up Greece and any other European Union nation that may face a similar crisis in the future should not be the responsibility of our taxpayers."

Lance noted that the European Union was created to compete economically with the United States, and if it needs to bailout one of its own, it should do so without American taxpayer dollars.

"With U.S. unemployment hovering around 10 percent, our National debt surging toward the $13 trillion dollars, and federal spending at unsustainable levels, America cannot afford to take on another financial crisis," Lance concluded.

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