LETTERS FROM THE PRESIDENT TO BIPARTISAN LEADERSHIP ON NAB FUND

THE WHITE HOUSE

Office of the Press Secretary

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FOR IMMEDIATE RELEASE
April 20, 2009

LETTERS FROM THE PRESIDENT TO BIPARTISAN LEADERSHIP ON NAB FUND

The letters from President Obama linked below were sent to House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid, Senate Minority Leader Mitch McConnell and House Minority Leader John Boehner late last week. As a follow up to the commitment made with other G-20 leaders at the meeting in London last month, President Obama proposes an expansion of the New Arrangements to Borrow fund from $50 billion to $500 billion, of which the US participation would be up to $100 billion.  Such participation does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets.  The letter also asks for a further enlargement of NAB membership to include increased participation in the major emerging market countries.

Below are links to the letters:

Reid:

http://www.whitehouse.gov/assets/documents/Reid001.pdf

McConnell:

http://www.whitehouse.gov/assets/documents/McCon001.pdf  

Pelosi:

http://www.whitehouse.gov/assets/documents/Pelos001.pdf 

Boehner:

http://www.whitehouse.gov/assets/documents/Boehn001.pdf

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