WASHINGTON — Jim DeMint is becoming something of a tea party hero, even a potential conservative kingmaker, a status that is not making the freshman senator many friends among fellow Republicans in Congress.
A backbencher known for his eagerness to challenge the Republican establishment, DeMint is becoming one of the most influential voices of the conservative rebellion that's shaking up GOP primaries. Tapping an anti-incumbent fervor, the South Carolina lawmaker is a coveted — and feared — endorsement, funneling money and grass-roots energy to long-shot candidates who threaten Washington's GOP favorites.
His efforts, highly unusual for a freshman, have upset senators on Capitol Hill, where he's viewed by many as an ideologue willing to purge centrist veterans.
"I feel a sense of urgency that some of my colleagues don't," he said in an interview. "The Republican Party, at least a segment of it within Washington, has increasingly joined the big-government, big-spending, earmarking ranks."
DeMint, 58, has demonstrated an ability to read the conservative electorate. Twice in the past two years he's opposed leading Republicans only to see them abandon the party. His underdog picks in a handful of other races are waging surprisingly strong challenges to mainstream candidates viewed by party leaders as more electable.
Showing posts with label Jim DeMint. Show all posts
Showing posts with label Jim DeMint. Show all posts
Tuesday, May 11, 2010
Thursday, May 6, 2010
DeMint: U.S. borrowing $6.8 billion to pay for bailout of Greece
The International Monetary Fund board has approved a $40 billion bailout for Greece, almost one year after the Senate rejected my amendment to prohibit the IMF from using U.S. taxpayer money to bailout foreign countries.
Congress didn’t learn their lesson after the $700 billion failed bank bailout and let world leaders shake down U.S taxpayers for international bailout money at the G-20 conference in April 2009. G-20 Finance Ministers and Central Bank Governors asked the United States, the IMF’s largest contributor, for a whopping $108 billion to rescue bankers around the world and the Obama Administration quickly obliged.
Rather than pass it as stand-alone legislation, President Obama asked Congress to fold the $108 billion into a war-spending bill to send money to our troops.
It was clear such an approach would simply repeat the expensive mistake of the failed Wall Street bailouts with banks in other nations. Think of it as an international TARP plan, another massive rescue package rushed through with little planning or debate. That’s why I objected and offered an amendment to take it out of the war bill. But the Democrat Senate voted to keep the IMF bailout in the war spending bill. 64 senators voted for the bailout, 30 senators voted against it.
Only one year later, the IMF is sending nearly $40 billion to bailout Greece, the biggest bailout the IMF has ever enacted.
Right now, 17 percent of the IMF funding pool that the $40 billion bailout is being drawn from comes from U.S. taxpayers. If that ratio holds true, that means American taxpayers are paying for $6.8 billion of the Greek bailout. Although the $108 billion extra that Congress approved for the IMF in 2009 hasn’t yet gone into effect, you can bet that once it does Greek bankers will come to the IMF again with their hat in hand. And, if other European Union countries see free money up for grabs they could ask the IMF for bailouts when they get into trouble, too. If we’ve learned anything from the Wall Street bailouts it’s that just one bailout is never enough.
To hide the bailout from Americans already angry with the $700 billion bank bailout, Congress classified it as an “expanded credit line.” The Congressional Budget Office only scored it as $5 billion because IMF agreed to give the United States a promissory note for the rest of the bill.
As the Wall Street Journal wrote at the time, “If it costs so little, why not make it $200 billion. Or a trillion? It’s free!”
Congress didn’t learn their lesson after the $700 billion failed bank bailout and let world leaders shake down U.S taxpayers for international bailout money at the G-20 conference in April 2009. G-20 Finance Ministers and Central Bank Governors asked the United States, the IMF’s largest contributor, for a whopping $108 billion to rescue bankers around the world and the Obama Administration quickly obliged.
Rather than pass it as stand-alone legislation, President Obama asked Congress to fold the $108 billion into a war-spending bill to send money to our troops.
It was clear such an approach would simply repeat the expensive mistake of the failed Wall Street bailouts with banks in other nations. Think of it as an international TARP plan, another massive rescue package rushed through with little planning or debate. That’s why I objected and offered an amendment to take it out of the war bill. But the Democrat Senate voted to keep the IMF bailout in the war spending bill. 64 senators voted for the bailout, 30 senators voted against it.
Only one year later, the IMF is sending nearly $40 billion to bailout Greece, the biggest bailout the IMF has ever enacted.
Right now, 17 percent of the IMF funding pool that the $40 billion bailout is being drawn from comes from U.S. taxpayers. If that ratio holds true, that means American taxpayers are paying for $6.8 billion of the Greek bailout. Although the $108 billion extra that Congress approved for the IMF in 2009 hasn’t yet gone into effect, you can bet that once it does Greek bankers will come to the IMF again with their hat in hand. And, if other European Union countries see free money up for grabs they could ask the IMF for bailouts when they get into trouble, too. If we’ve learned anything from the Wall Street bailouts it’s that just one bailout is never enough.
To hide the bailout from Americans already angry with the $700 billion bank bailout, Congress classified it as an “expanded credit line.” The Congressional Budget Office only scored it as $5 billion because IMF agreed to give the United States a promissory note for the rest of the bill.
As the Wall Street Journal wrote at the time, “If it costs so little, why not make it $200 billion. Or a trillion? It’s free!”
Thursday, November 12, 2009
Politicians are like fruit on the vine: the longer they hang around, the more rotten they get.
Sen. Jim DeMint says Washington politicians are like fruit on the vine: the longer they hang around, the more rotten they get.
The South Carolina Republican – hearkening back to the days of the party’s “Contract with America” – on Tuesday offered a fix to the corrupting influence of “permanent politicians,” introducing an amendment to the Constitution that would limit Senate members to three six-year terms and House members to three two-year terms.
“As long as members have the chance to spend their lives in Washington, their interests will always skew toward spending taxpayer dollars to buy off special interests, covering over corruption in the bureaucracy, fundraising, relationship building among lobbyists, and trading favors for pork – in short, amassing their own power,” said Mr. DeMint, who is running for a second term next year. (more…)
The South Carolina Republican – hearkening back to the days of the party’s “Contract with America” – on Tuesday offered a fix to the corrupting influence of “permanent politicians,” introducing an amendment to the Constitution that would limit Senate members to three six-year terms and House members to three two-year terms.
“As long as members have the chance to spend their lives in Washington, their interests will always skew toward spending taxpayer dollars to buy off special interests, covering over corruption in the bureaucracy, fundraising, relationship building among lobbyists, and trading favors for pork – in short, amassing their own power,” said Mr. DeMint, who is running for a second term next year. (more…)
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