Biden Looking for $24 Billion Emergency Fund for Ukraine

( – As if the government’s funding weren’t an issue, President Joe Biden now seeking a nod from Congress on a $40 billion emergency fund that includes a hefty allotment for Ukraine aid.

More than half of the money – around $24 billion – will supposedly be for helping out Ukraine in its war against continued Russian incursion. Federal disaster relief will take a $12 billion chunk off the pie, while around $4 billion will be allocated to concerns along the U.S.-Mexico crossing, such as services and shelters for migrants, and programs to counter the smuggling of fentanyl across the border.

Of the funds to be apportioned to Ukraine, approximately $9.5 billion will be for additional equipment and maintenance costs of equipment already in the country, while $7.3 billion will be for used for economic humanitarian and security assistance. The remaining $200 million will be used for counter and preventive measures against the Wagner Group and other Russian assets in Africa. The Wagner Group is a paramilitary group headed by Yevgeny Prigozhin, a former close ally of Russian President Vladimir Putin. While a private enterprise, the Wagner Group previously received funding from Russia and was involved in many Russian offensives in Ukraine. Relations between the group and the Russian government soured a few months ago, however, and Wagner pulled out of all action in Ukraine, and it’s forces are reportedly in Belarus and Africa.

The Biden administration’s financial decisions have raised concerns with experts in the financial industry. Credit agency Fitch Ratings recently downgraded the U.S. trustworthiness to AA+ from AAA. This means that any additional debt the U.S. manages to obtain will be under less favorable terms, which in turn could raise costs for U.S. taxpayers. The ratings agency cited “steady deterioration in standards of governance,” as a reason for the downgrade.

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