JONES APPALLED BY $1 BILLION IRAQI BOND BACKED BY US TAXPAYERS

Jan 19, 2017 Issues: Budget Spending and Taxes

WASHINGTON, DC – Today, Congressman Walter B. Jones (R-NC) responded to the Government of Iraq’s issuance of a $1 billion 5-year bond that, courtesy of the United States Agency for International Development (USAID), is backed by a full faith and credit guarantee from the United States government.   Under that guarantee, if Iraq cannot pay back the bond, repayment of the principal and interest would fall on the backs of American taxpayers.

“We are currently paving our own path to ruin,” said Congressman Jones. “The United States is $20 trillion in debt.  Annual federal deficits are well over $500 billion and growing.  We can’t even pay our own bills without borrowing tens of billions from overseas every year, and this administration has the audacity to put American taxpayers on the hook to repay the debts of a foreign country?  The insanity is astonishing.  Things like this are a major reason why I don’t vote for foreign aid bills.”

Attached is the full release from the Embassy of the Republic of Iraq regarding the bond.

For additional information, please contact Allison Tucker in Congressman Jones’ office at (202) 225-3415 or allison.tucker@mail.house.gov.

 

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