Finalizing almost a year of debate, the International Monetary Fund will finally receive the full $18 billion it has requested from the U.S. - but not without a price. Late this week, Congressional budget negotiators and the Clinton Administration reached an agreement on dozens of spending priorities, bringing to close the 105th Session of Congress.
During the negotiations, programs and policy spending priorities were laid out on the table like poker chips. The Clinton Administration, eager to demonstrate to the public that it has upheld some of its campaign promises, and the U.S. Congress, eager to get back to their local districts to campaign, struggled to achieve a spending bill that would prevent another government shut down.
One of those issues bargained and paid for was the funding for the International Monetary Fund. The Clinton Administration first requested more IMF money late last year when it was thoroughly rejected by Congress. Earlier this year, the Clinton Administration re-submitted the requested, and added to it by requesting an additional $14.5 billion to go along with its previous request of $3.5 billion.
Claiming that the IMF was running out of money and that it would not be able to find resources to bailout countries in Asia and Europe, the Clinton Administration presented a full court press for the funding last spring. Meanwhile, congressional skeptics from both the Republican and Democratic parties began working together to defeat, or at least delay, the funding.
