Biden Charges Taxpayer Another $13 Billion
This is insane!
During the latest episode of “CNN News Central” on Monday, Senator Dick Durbin, the Senate Majority Whip from Illinois, claimed that the Federal Deposit Insurance Corporation’s (FDIC) $13 billion loss resulting from the seizure of First Republic Bank is essentially the taxpayers’ money.
He further explained that the federal government had invested in First Republic Bank to prevent it from failing and causing a recession in the economy.
According to Breitbart, Senator Dick Durbin commented on the ongoing debate between President Joe Biden and House Speaker Rep. Kevin McCarthy (R-CA) regarding raising the debt ceiling. Durbin expressed concern over McCarthy’s approach and referred to the FDIC’s loss of $13 billion during the seizure of First Republic Bank. He pointed out that the government had invested taxpayers’ money into the bank to prevent it from failing and causing a recession in the economy.
Senator Dick Durbin highlighted the high stakes involved in the ongoing debt ceiling debate and criticized House Speaker Rep. Kevin McCarthy (R-CA) for his approach. He stated that the FDIC’s loss of $13 billion during the seizure of First Republic Bank, while a small amount compared to the national economy of $23 trillion, was still significant.
He emphasized that McCarthy’s actions were irresponsible and could potentially impact the economy, business, growth, and employment across America. Durbin urged against playing this dangerous game and agreed with the President’s stance on the issue.
