[Congressional Record Volume 141, Number 17 (Friday, January 27, 1995)]
[House]
[Page H809]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                            LOANS TO MEXICO

  (Mr. DUNCAN asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. DUNCAN. Mr. Speaker, today's newspapers report that the 
International Monetary Fund is about to make a $7.6 billion loan, the 
largest in its 50-year history, to Mexico. By far the largest 
contributor to the IMF is the United States.
  Mr. Speaker, a few weeks ago it was announced that the Clinton 
administration had agreed to put up $9 billion of an $18 billion loan 
package for Mexico. All this was and is being done without a vote by 
Congress. This is all separate from and in addition to $40 billion in 
loan guarantees the President wants Congress to now approve.
  Mr. Speaker, A.M. Rosenthal, the New York Times columnist, says 
today, ``It is not common sense to lend $40 billion more to a country 
whose leaders have so botched things up to be handled by the same 
American officials who participated in tamping down the economic 
truth'' about Mexico's economy.
  The Times also reports that Mexican officials are strongly denying 
they will agree to any tougher conditions to fight illegal immigration 
or drug trafficking to the United States.
  Apparently, though, our financial powers are going to pour billions 
into Mexico, using taxpayer dollars, even though there is no grassroots 
support. In fact, there is overwhelming opposition by the American 
people.


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