GOP continues effort to thwart EU bailouts

Rep. Cathy McMorris Rodgers (R-Wash), vice chair of the House Republican Conference, on Thursday said the Dow losing approximately 348 points should signal the Obama administration that the Greece bailout will not help to restore the market. 

"The market downturn supports the argument of bailout opponents that investors don't have confidence that the Greek bailout deal will work," she said in prepared remarks. 

Rodgers and House Republican Conference Chairman Mike Pence (R-Ind.) also sent a letter to Vice President Joseph Biden urging him to oppose a potential bailout of Spain, which appears to be teetering toward financial crisis.

"Should Spain request a bailout from the IMF, we urge you to make it clear that the U.S. will oppose such a bailout, and do all in its power as the IMF's leading contributor to reject putting American money further at risk," they wrote. "The U.S. did not implement the policies that have caused Spain's debt issue and the U.S. taxpayer should not be put at risk to bail them out."

The lawmakers have already sent a letter to Treasury Secretary Timothy Geithner calling on him to oppose the $145 billion bailout of Greece, as well as future European bailouts.