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June 08, 2011
Obama Gives Billions Of Dollars In Foreign Aid To World's Richest Countries - Then Asks To Borrow It Back
Barack Obama on the Great Wall of China. Last year China received $27.2m in foreign aid from the U.S.
Obama gives billions of dollars in foreign aid to world's richest countries - then asks to borrow it back
The U.S. is providing hundreds of millions of dollars of foreign aid to some of the world’s richest countries – while at the same time borrowing billions back, according to report seen by Congress.
The Congressional Research Service released the report last month which shows that in 2010 the U.S. handed out a total of $1.4bn to 16 foreign countries that held at least $10bn in Treasury securities.
Four countries in the world’s top 10 richest received foreign aid last year with China receiving $27.2m, India $126.6m, Brazil $25m, and Russia $71.5m.
Mexico also received $316.7m and Egypt $255.7m.
And yet despite the massive outgoings in foreign aid, the receiving countries hold trillions of dollars in U.S. Treasury bonds.
China is the largest holder with $1.1trillion as of March, according to the Treasury Department.
Brazil held $193.5bn, Russia $127.8bn, India $39.8bn, Mexico $28.1bn and Egypt had $15.3bn.
Foreign aid is earmarked for causes including HIV/AIDs prevention, combating weapons of mass destruction, fighting tuberculosis, and counter-terrorism efforts.
The news has caused grave concern, with Senator Tom Coburn, R-Okla, who requested the report seen by Fox News, calling the policy ‘dangerous’.
In a written statement Senator Coburn said: ‘Borrowing money from countries who receive our aid is dangerous for both the donor and recipient.
Wild Thing's comment........
Here is one example, what happened to the $2 Billion obama gave to Brazil to do offshore drilling, using the rig that vacated the Gulf because obama banned drilling.
These idiots are killing us.
Posted by Wild Thing at June 8, 2011 04:50 AM
Comments
What the hell is wrong with Congress for allowing him to give this money away?
Posted by: BobF at June 8, 2011 07:30 AM
Ok now we know it is a dangerous policy. Now, lets do something about it. Like cutting it off.
Posted by: Mark at June 8, 2011 08:49 AM
Posted by: Carlos at June 8, 2011 01:25 PM
Bob, I would like to know that too.
Posted by: Wild Thing at June 9, 2011 01:21 AM
Mark, ditto that!
Posted by: Wild Thing at June 9, 2011 01:23 AM
Carlos, OMG! He is insane.
Thank you Carlos for the link and information.
Posted by: Wild Thing at June 9, 2011 01:24 AM
To bad the bastard didn't fall off the wall.
Posted by: Eddie (Enemy of the State) at June 9, 2011 10:42 AM
