Letter to Senators Baucus and Grassley Outlines Negative Effect on U.S. Tax Revenue

(Washington, D.C.)– The Council for Citizens Against Government Waste (CCAGW) today asked Senators Max Baucus (D-Mont.) and Chuck Grassley (R-Iowa), chairman and ranking member of the Senate Finance Committee respectively, to address Argentina’s outstanding debt to U.S. taxpayers.  The letter is especially relevant since Argentinean President Cristina Kirchner is scheduled to be in Washington, D.C. for President Bush’s G-20 Summit.

“It is imperative that the U.S. government take a bigger role in calling for Argentina to repay its debt.  The U.S. has lost billions in tax revenue as the result of this unpaid debt, most significantly in New York State,” said Thomas Schatz, president of CCAGW.

The letter stated that some of the largest creditors involved in the New York judicial actions are either residents or have significant ties to the State.  The repayment of Argentina’s debt would free up tax revenues for the State of New York as well as the United States.

“We ask that you use your leadership roles to call for the repayment of Argentina’s debt for the benefit of American taxpayers at this time of economic crisis, not only in America but around the world,” Schatz said in the letter.  “The citizens of the United States should be protected from unnecessary government expenditures and risk to taxpayers.”

In response to worldwide economic problems, President Bush convened the G20 Summit to discuss the global economic crisis this weekend.  With Argentinean President Cristina Kirchner’s attendance at the Summit, Schatz told the senators, “This is a perfect opportunity to show your support for the repayment of the Argentine debt.” 

The Council for Citizens Against Government Waste is a nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.