New York – As house and senate partisans continue to dispute a solution for the US debt limit crisis, President Obama seems to have other plans.
President Obama spoke at the United Nations headquarters in New York this week to a special combined summit of UN committee leaders. The administration has been working with the assistance of Greece’s President Karalos Papoulias and Spanish Prime Minister José Luis Rodríguez Zapatero to back a new ‘International Reinvestment Resolution’. (IRR)
The special UN meeting included representatives from the International Fund for Agricultural Development, UN Industrial Development Organization and key members of the International Monetary Fund. IRR is designed to encourage the World Bank and other international savings associations to help meet the needs of borrowers in all segments of the international community, including low- and moderate-risk nations.
At a press conference following the Obama appearance in NY, an administrative spokesperson seemed to suggest that the resolution ‘is just one alternative’ that the Whitehouse is exploring in the event that Moody’s follows through with any measures to lower the US triple-A credit status.
Of the resolution, one of the IMF representatives stated that it would reduce discriminatory credit practices against deficit-challenged nations, a practice known as international redlining.