Geithner: Fed not looking to boost IMF bailout fund

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It comes as GOP senators are crafting a bill that would prevent the IMF from bailing out European nations, arguing that billions in U.S. taxpayer funds are at risk.

Geithner is currently in the midst of a three-day trip to Europe, where he will meet with top leaders and finance officials as the continent searches for a way to contain its debt crisis.

On Monday, Standard & Poor's said it is considering downgrading the ratings of 15 member nations of the European Union. It followed that up on Tuesday by saying that if the nations are downgraded, the bailout fund established by those nations to deal with the crisis could be next.

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