Lawmakers Resist Obama's Call to Offer $2B in Loan Assistance to Egypt Published May 21, 2011 | FoxNews.com
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. "We do not want a democratic Egypt to be saddled by the debts of its past," Obama said. "So we will relieve a democratic Egypt of up to $1 billion in debt and work with our Egyptian partners to invest these resources to foster growth and entrepreneurship."..................>>>>..................>>>>...............Read more: http://www.foxnews.com/politic.....egypt/#ixzz1N5JUk9vG
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