Andy Barr: “over the last 24-hour period, we have heard a litany of reasons in support of what the Clinton administration has done…”

“over the last 24-hour period, we have heard a litany of reasons in support of what the Clinton administration has done in its efforts to prop up the Mexican peso. We have heard, for example, that the United States economy will suffer irreparable harm if the Mexican economy remains as weak as it is. We have heard that illegal immigration will explode if the United States does not prop up the Mexican peso. We have heard intimations that Mexico and other Latin countries will be unable to help continue to control certain undesirable activities such as drug trafficking and money laundering from and through Latin America. We have heard that delayed action is worse than no action. We have heard that other Central American countries will soon follow Mexico unless we act in behalf of Mexico. We have heard that an untold number of jobs here in this country will be lost and money will be lost here in this country, including from perhaps some very important pension funds, if the United States does not act and prop up the Mexican peso. If in fact, Mr. Speaker, the consequences that would befall the world economy and the United States economy were as dire as the administration is now saying they are, one might very legitimately ask, as I do, where were they when the groundwork was being laid for this crisis through either action or inaction on the part of the Mexican Government?”