The amendment would prevent the IMF from tapping $108 billion in taxpayer dollars to bail out countries overseas, including the highly leveraged Greece, the senators said in a statement.
The Obama Administration in 2009 sanctioned access by the IMF to additional funding of up to $108 billion, money that can be used to bail out foreign countries, the senators noted.
The new "Anti-IMF Bailout Amendment" would strike language that allows the IMF to use these addition bailout funds.
“Our nation is on the brink of bankruptcy and American taxpayers simply cannot afford to bailout Europe,” Sen. DeMint said in a statement.
The senator pointed to the U.S.'s own debt to GDP ratio, which "is now 95%," noting "that is one of the worst debt to GDP ratings in the world, even higher than Ireland and Portugal. If we don’t our reverse our reckless fiscal course, America will be the one in need of a bailout. We need to stop the spending, stop the debt, and pass a balanced budget amendment.”