WASHINGTON, D.C. – Yesterday, the White House called on Congress to swiftly approve up to $100 billion in new U.S. funding for the International Monetary Fund (IMF). The request follows the Group of 20 summit earlier this month, where world leaders agreed to expand the IMF’s emergency borrowing authority by $500 billion. Although the White House downplayed the contribution’s effect on the federal budget, the U.S. Treasury would need to borrow any amount it gives or loans the IMF.

Congressman Jones’ statement follows below:

“With the federal government already running more than $2 trillion in deficits, I am extremely disappointed by President Obama’s call to send billions of taxpayer dollars overseas. It makes no sense for the U.S. to borrow from nations like China in order to provide money for an international institution that will dole out funds to developing nations that compete with America for jobs.”

“America’s total public debt stands at $11.18 trillion and, in the past five years, foreign ownership of that debt has roughly doubled from $1.6 trillion to more than $3 trillion. China holds nearly one third of that money. Right now, every household in America would have to write a check for $39,451 to pay our foreign creditors.”

“With America suffering an economic downturn, we need to take measures to prevent a bad situation from growing worse. Our government can’t keep spending what it doesn’t have. It’s time to stop growing our debt by sending American tax dollars overseas, and start rebuilding America.”