As Obama Orders $100 Million Reduction in Domestic Spending, He Proposes Giving $100 Billion to IMF…

Simply awesome. The same day Barack Obama publicly asked for cost cutting measures totaling $100 million, with less fanfare he proposed giving $100 billion to the IMF… CNBC

President Barack Obama on Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF’s war chest and urged a bigger stake in the IMF for emerging powers like China and India.

In a letter sent to Democrat and Republican leaders in the U.S. Congress, Obama said the U.S. funding “does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets.”

The letter comes days before world finance leaders gather in Washington on April 24 and 25 for meetings of the IMF and World Bank to discuss among other things IMF lending and governance reforms at the global institutions.

The $100 billion is part of pledges made by Group of 20 member countries during a summit in London on April 2 to combat the worst economic crisis since the Great Depression.

Hotair had this excellent summation:

Now we have another comparison for the massive budget cuts announced by Obama yesterday.  On net, his outgo on Monday outstripped his reduction by $99,900,000,000.  And that was just one day, and one project.

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