President Obama’s call for $2 billion in loan assistance to Egypt has left many political figures scratching their heads as they try to figure out why a debt-ridden U.S. would commit that much money to a country whose new government may not end up friendly to America.
In Thursday’s sweeping address on the uprisings in the Middle East and North Africa, the president said he wants the U.S. to forgive roughly $1 billion in debt owed by Egypt and to provide another $1 billion in loan guarantees to free up money for job-creation efforts there.
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“Considering our own national debt, we cannot afford to forgive up to $1 billion of Egypt’s debt,” said Rep. Elena Ros-Lehtinen, the chairwoman of the House Foreign Affairs Committee.
Full story: Lawmakers resist Obama’s call to offer $2B in loan assistance to Egypt