Biden administration forgives $4.65 billion loan to Ukraine
By arseniotoledo // 2024-11-26
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The administration of President Joe Biden has forgiven a $4.65 billion loan to Ukraine. That amount was part of a funding bill passed by Congress in April that included just over $9.4 billion worth of loans for economic and budgetary support for the Ukrainian government. As part of the passage of this supplemental funding law, the president was authorized to forgive half of this loan after Nov. 15. The funding bill appropriated over $61 billion in military aid to Ukraine. (Related: As poll finds Ukrainians want to end war, U.S. pushes Zelensky to bomb Russia and expand conscription.) "We have taken the step that was outlined in the law to cancel those loans," said Department of State spokesperson Matthew Miller on Wednesday, Nov. 20. The Department of State said canceling the debt is essential for "helping Ukraine prevail" and is in the national interest of the United States and its partners in the European Union, the Group of Seven nations and the North Atlantic Treaty Organization (NATO). This is part of ongoing efforts by the Biden administration to give everything it can provide to Ukraine before leaving office on Jan. 20, 2025. Just days before, Biden officially gave Ukraine the green light to use United States-supplied long-range missiles for strikes deep within Russia. On the same day part of the loan was forgiven, the Biden administration also announced a new "security assistance package" for Ukraine worth approximately $275 million. The new military aid package includes antipersonnel land mines.

Congress has power to prevent Biden from forgiving Ukrainian loans

Congress has the power to block Biden from forgiving half of the $9.4 billion economic loan, and several Republicans, notably Sen. Rand Paul (R-KY) and Rep. Thomas Massie (R-KY), have already signaled their intention to introduce resolutions to oppose the loan forgiveness. "On his way out, Joe Biden is trying to forgive $4.65 billion of debt Ukraine owes America's taxpayers. I just introduced H.J. [Joint Resolution] 224 to stop this 'America Last' policy from taking effect," Massie announced on X. "Americans all across the United States are grappling with high prices and their own debt thanks to four years of the Biden-Harris Administration, all while the U.S. national debt has hit a record $36 trillion, and we cannot afford a $4.65 billion gift to Ukraine," said Paul in a statement released on X announcing his introduction of S.J. 117, the companion joint resolution to Massie's own in the House of Representatives that would block Biden's forgiving of the loan to Ukraine. "Senators who vote against my resolution today will be sending a message to all Americans that they clearly prioritize Ukraine over the people they represent and are for putting America last," Paul concluded. The likelihood that this loan forgiveness plan will be overturned is unfortunately low. Democrats still control the Senate, and even if some of the Democrats could be convinced to block the loan forgiveness, Biden still has veto authority over the matter. Watch this video of political commentator Alex Christoforou discussing President Joe Biden's decision to forgive $4.65 billion worth of loans to Ukraine. This video is from the Oldyoti's Home Page channel on Brighteon.com.

More related stories:

Col. MacGregor warns Ukraine will be DESTROYED if Biden doesn't stop fueling war. As poll finds Ukrainians want to end war, U.S. pushes Zelensky to bomb Russia and expand conscription. Nearly three years into the conflict, Ukraine grapples with dwindling resources as Russia steadily gains ground. Ukraine strikes Russian military installation in Bryansk just one day after Biden authorizes use of U.S.-made, long-range ATACMS missiles. Biden urges Ukraine to hit North Korean troops that its military encounters on the battlefield. Sources include: YourNews.com Reuters.com Bloomberg.com Brighteon.com
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