Political Quotes

“today the Clinton administration abandoned its effort to pass a $40 billion loan guarantee to Mexico. The President came to the conclusion that his bailout proposal would have failed in Congress, and he was right. So what does the administration turn around and do? Instead of really responding to the opposition of Congress, the administration decides to devise a new plan, a new plan which effectively circumvents the will of the Congress. While this new plan includes more international financial support, it also calls for dipping into our country's exchange equalization fund for as much as $20 billion to prop up the peso. This fund, which only holds $25 billion, I might add, is usually only used to help stabilize the U.S. dollar. Mr. Speaker, this marks the fist time that the fund has ever been used to support any kind of currency other than the U.S. dollar. Mr. Speaker, I must take exception. I must take exception to how this administration wants to put the Mexican peso before the American people. I must take exception to how this administration chooses to sidestep the authority of Congress in this matter. Even with International Monetary Fund support, U.S. tax dollars are still at risk. By avoiding the authority of the U.S. Congress the administration does not have to answer to the elected Representatives of the American people on this rescue plan for Mexico. How did we come to where we are today? Well Mr. Speaker, it all began with something called NAFTA.…”