Suitably Flip

Obama's Financial Wizardry

Show me even one of our 43 mortal Presidents who had the power to burn through $100 billion without spending a dime.

The Obama administration has pledged a $108 billion contribution to the IMF, as part of a $500 billion global boost to IMF resources.
...
But the U.S. contribution became entangled in arcane — though politically important — budget math. The White House had argued that the action shouldn’t be characterized as a $108 billion expenditure, which would make it difficult to sell at a time when Congress has recently passed a series of multibillion-dollar spending bills.

The U.S. wouldn’t provide a lump sum, but would essentially make a line of credit available to the IMF, which the fund could draw on when it needed to make loans to other countries. In theory, the U.S. would hope to get the money back. So the White House argued that the budgetary impact should be calculated at zero.

He's like some magnificent hybrid of Jimmy Carter and Monty Brewster.

(HT: MM)

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Obama's Financial Wizardry

Show me even one of our 43 mortal Presidents who had the power to burn through $100 billion without spending a dime.

The Obama administration has pledged a $108 billion contribution to the IMF, as part of a $500 billion global boost to IMF resources.
...
But the U.S. contribution became entangled in arcane — though politically important — budget math. The White House had argued that the action shouldn’t be characterized as a $108 billion expenditure, which would make it difficult to sell at a time when Congress has recently passed a series of multibillion-dollar spending bills.

The U.S. wouldn’t provide a lump sum, but would essentially make a line of credit available to the IMF, which the fund could draw on when it needed to make loans to other countries. In theory, the U.S. would hope to get the money back. So the White House argued that the budgetary impact should be calculated at zero.

He's like some magnificent hybrid of Jimmy Carter and Monty Brewster.

(HT: MM)