> From: Milt Shapiro <[EMAIL PROTECTED]> > To: Chiapas <[EMAIL PROTECTED]>, [EMAIL PROTECTED], > [EMAIL PROTECTED], Estelle Jelinek <[EMAIL PROTECTED]>, > [EMAIL PROTECTED], [EMAIL PROTECTED], [EMAIL PROTECTED], > Jon Berlin <[EMAIL PROTECTED]>, [EMAIL PROTECTED], > [EMAIL PROTECTED], [EMAIL PROTECTED], > [EMAIL PROTECTED], > Lynn Stephen <[EMAIL PROTECTED]>, > [EMAIL PROTECTED], [EMAIL PROTECTED], [EMAIL PROTECTED] > Subject: Mexican rescue plan bogs down in Congress > > > WASHINGTON (Reuter) - A proposed $40 billion financial > rescue package for Mexico got mired down in Congress Friday amid > political squabbling and demands from the left and right that > new conditions be placed on the Mexican government. > President Clinton renewed his appeal for urgent action on > the plan to provide loan guarantees to support the embattled > Mexican peso, saying the issue had become ``a classic example'' > of rancor in Congress impeding U.S. business. > ``There's always been some rancor there, but it must not be > allowed to interfere with the business of the country. I think > the Mexican debt crisis is a classic example,'' Clinton said in > an interview Friday with U.S. News and World Report. > ``There's a lot of pent-up feelings ... my advice would be > to organize the affairs of Congress so that whatever legitimate > differences exist over the rules of Congress, rules of ethics > and other matters can be properly aired in a way that does not > interfere with doing the business of the country,'' the > president said in excerpts released by the magazine. > However, a key House negotiator said the timing for > consideration of the plan was ``up in the air.'' > House Speaker Newt Gingrich challenged Clinton to get a > majority of Democrats on board behind the plan, while Democratic > critics said their concerns for Mexican labor and wage reforms > were not being addressed. > At the other end of the political spectrum, Sen. Phil Gramm, > R-Texas, dismissed these concerns but said he would oppose the > plan unless it contained monetary reform in Mexico, including > the institution of a separate monetary authority similar to the > U.S. Federal Reserve. > Gramm, a potential rival to Senate Majority Leader Robert > Dole for the Republican presidential nomination, said that > without monetary reform the loan guarantee would buy Mexico 12 > to 18 months before an even larger crisis hit. > Adding to the disarray was congressional gridlock as > Democrats in both the House and Senate proposed hundreds of > amendments to stall action on a bill that has high priority on > the agenda of the new Republican majority. > Gingrich said he had been ready to have the House vote on > the plan Friday but said he would not set aside his schedule for > the Republican 100-day Contract with America to deal with the > Mexican issue while Democrats were holding up the House. > He said the Senate should act first. But the Senate remained > bogged down after more than a week on a bill that would curb > federal orders to states that were not backed up with funds to > carry them out. > Rep. Jim Leach, R-Iowa, chairman of the House Banking > Committee, told reporters that five days of negotiations among > all sides had produced a draft loan guarantee that had met the > approval of the White House. But he said Democrats were now > making further requests. > ``It is now up in the air when the bill will be > considered,'' he said. > Chief Democratic negotiator Barney Frank of Massachusetts > called for provisions to increase wages in Mexico to bring them > more in line with those of the United States. > Others members of Congress have called for requirements that > Mexico take action to halt illegal immigration. > The Senate Foreign Relations Committee was expected to hold > a hearing on the plan next Thursday, with Federal Reserve > Chairman Alan Greenspan as leadoff witness. > Gingrich said that if Democratic leaders in the two houses > got at least half of their members to vote for the package, ``we > will pass it.'' > Congressional sources say support among House Democrats > still falls short, but Frank said a majority of Democrats would > vote for the package if it met their concerns. > Gingrich said the longer things drag out, ``the more people > question the urgency and the harder it will be to pass it.'' > He made clear the next move was up to Clinton and the > Democrats, who are chafing in the minority in Congress for the > first time in 40 years after their November election debacle. > ``We can try to help in a bipartisan manner but I don't > think the administration can simply let its own protectionists > and its own bitter enders off the hook,'' Gingrich said. > For his part, Clinton urged Congress ``to do the right thing > and cast a vote for America and our workers.'' > In a radio address recorded Friday for broadcast Saturday, > he added: ``For 200 years we have always had our partisan fights > and we always will. But when our national interest is on the > line we all must rise above partisanship.'' > Meanwhile, the administration continued to put on an > optimistic face. > ``A great deal of work is going on every day, and I think > it's fair to say that there is substantial momentum,'' Treasury > Secretary Robert Rubin told reporters at the White House. > -- > C O P Y R I G H T R E M I N D E R > This, and all articles in the clari.* news hierarchy, are > Copyright 1995 by the wire service or information provider, and licensed > to ClariNet Communications Corp. for distribution. Except for articles > in the biz.clarinet.sample newsgroup, only paid subscribers may access > these articles. Any unauthorized access, reproduction or transmission > is strictly prohibited. > We offer a reward to the person who first provides us with > information that helps stop those who distribute or receive our news > feeds without authorization. Please send reports to [EMAIL PROTECTED] > [Use [EMAIL PROTECTED] for sales or other inquiries.] > Details on use of ClariNet material can be found in the user > documentation section of our web page: http://www.clarinet.com > > > > > >
