Cliff Stearns: “my friends, in politics as in humor, timing is everything, and the timing of President Clinton's $20 billion bailout of…”

“my friends, in politics as in humor, timing is everything, and the timing of President Clinton's $20 billion bailout of Mexico could not be worse. At the very moment, the American dollar is taking a beating in world currency markets. The Clinton administration is sparing no expense to shore up the Mexican peso. In looking through some of the clips over the weekend, it seemed to me the timing of what President Clinton is doing is everything. For on this House floor this week we will be voting on a rescission package that cuts benefits for veterans. Now, how do the veterans feel about a rescission package that cuts the veterans at the same time we are shoring up the peso by giving $20 billion to the exchange stabilization fund? Let me also talk to you about what the chief economist at Lehman Brothers, Allen Sinai said: "The dollars' new all-time lows are being generated by the United States ties to Mexico and the panic flight right now of funds away from weak currency countries, Mexico, Canada, and the United States." Need I remind the Members of this body that the exchange stabilization fund that is being tapped by the Clinton administration was set up explicitly to protect the value of the United States dollar, not the Mexican peso.”