Our gross federal debt is projected to hit $16 trillion this week. In other news, Obama is planning on bailing out the newly-installed Muslim brotherhood government in Egypt by forgiving a $1 billion debt. Talk about too big to fail. This is just the beginning, according to the New York Times:
Nearly 16 months after first pledging to help Egypt’s failing economy, the Obama administration is nearing an agreement with the country’s new government to relieve $1 billion of its debt as part of an American and international assistance package intended to bolster its transition to democracy, administration officials said.
The administration’s efforts, delayed by Egypt’s political turmoil and by wariness in Washington about new leaders emerging from its first free elections, gained new urgency in recent weeks, even as the United States risks losing influence and investment opportunities to countries like China. President Mohamed Morsi chose China for his first official visit outside of the Middle East, although a spokesman said the crisis in Syria was the main issue driving the visit.
In addition to the debt assistance, the administration has thrown its support behind a $4.8 billion loan being negotiated between Egypt and the International Monetary Fund. Last week, it dispatched the first of two delegations to work out details of the proposed debt assistance, as well as $375 million in financing and loan guarantees for American financiers who invest in Egypt and a $60 million investment fund for Egyptian businesses.
The fact that Obama feels he can spend taxpayer dollars on the Muslim Brotherhood while they are violating the treaty with Israel and militarizing the Sinai Peninsula is beneath contempt. The fact that he is doing so in the midst of our own debt crisis is insane. Who will be there to forgive our debt to China?
As we’ve noted before, when Republicans return to the Hill next week, they must mane an issue over foreign aid in the upcoming budget resolution to fund the government after September 30. At present, Obama is refusing to even force the hand of Morsi to abide by the treaty with Israel as a precondition to receiving more U.S. aid. The reality is that he can’t do anything without congressional approval. We’ll be watching their reaction closely.
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