The Biden administration told Congress it plans to cancel $4.65 billion in debt owed by Ukraine, approximately half of an economic loan offered earlier this year. State Department spokesperson Matthew Miller confirmed the plans in a briefing on Wednesday. “So we have taken the step that was outlined in the law to cancel those loans, provide that economic assistance to Ukraine,” he said. In April, Congress passed a supplemental funding package that earmarked $60 billion worth of aid for Ukraine, including $9 billion structured as a loan, with a provision that allowed the administration to forgive it, according to Miller. Miller added that Congress could pass a resolution of disapproval to overturn the cancellation. Rep. Thomas Massie, R-Ky., introduced such a resolution on Wednesday night. Sen. Rand Paul, R-Ky., immediately said he would introduce a resolution to block the measure. Such a resolution is unlikely to pass a Democratic-controlled Senate, and President Joe Biden could veto it. The supplemental funding package gave the administration the power to forgive 50% of the loan, and the remaining 50% could be forgiven after January 2026.RUSSIA LAUNCHED INTERCONTINENTAL BALLISTIC MISSILE TOWARD UKRAINE, AIR FORCE SAYS”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. Res 224 to stop this “America Last” policy from taking effect,” he posted to X, formerly Twitter.Congress has appropriated more than $175 billion for Ukraine since Russia’s invasion in February 2022.Biden has gone into overdrive to assist Ukraine in the weeks since President-elect Donald Trump won the election. After months of hesitation, he authorized Ukraine to use U.S.-provided long-range missiles to strike into Russia this week. Shortly thereafter, he allowed them to use anti-personnel land mines, which drew the ire of human rights groups. US EMBASSY IN KYIV CLOSED WEDNESDAY AS ‘POTENTIAL SIGNIFICANT AIR ATTACK’ LOOMSThe Biden administration said the decision was made after Russia brought in 10,000 troops from North Korea to fight in the war in Ukraine. Biden has also vowed to commit the remaining $7 billion from the supplemental package to Ukraine before Biden leaves office. On Tuesday, Defense Secretary Lloyd Austin announced $275 million for Ukraine that would include more drones, artillery ammunition and mortars. Trump allies have accused Biden of “escalating” the war on his way out the door “for politics.” Other hawkish lawmakers say it’s a long overdue step. Earlier this month, Biden also approved U.S. military contractors going to Ukraine to help the country maintain and repair U.S.-made weapons systems. It’s unclear whether President-elect Donald Trump will keep such policies in place when he takes office, though he has suggested that he believes he could end the war “in 24 hours” at the negotiating table with Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin.
Source link : https://www.foxnews.com/politics/biden-admin-informs-congress-forgive-5b-economic-loans-ukraine
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Publish date : 2024-11-21 19:52:57
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Biden administration informs Congress it will forgive $5B in economic loans to Ukraine
