[Congressional Record Volume 141, Number 17 (Friday, January 27, 1995)]
[House]
[Page H833]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            MEXICAN BAILOUT

  (Mrs. SEASTRAND asked and was given permission to address the House 
for 1 minute.)
  Mrs. SEASTRAND. Mr. Speaker, yesterday was a truly historic day in 
the House of Representatives. Last night we kept our promises to the 
American people and passed a balanced budget amendment to the 
Constitution that will force very real, very fundamental change in 
Washington.
  So I chose today to point out the futility in telling Americans we 
will balance the books in Washington, but as early as next week 
Congress may vote to bail out Mexico to the tune of $40 billion in loan 
guarantees.
  I will only make two points. First, we Republican freshmen were 
elected with an agenda to take the concerns of the taxpayers to 
Washington. It does not include bailing out Mexico or Wall Street 
investors.
  Second, there is a fundamental principle in economics. You get more 
of what you subsidize. We should not subsidize bankrupt economic 
policy.
  I don't know who is more to blame, the intellectual dishonesty of the 
Mexican Government in dealing with America, or the intellectual 
bankruptcy of the Clinton administration who devised this scheme. The 
taxpayers will recognize this is not only bad politics, this is bad 
policy.


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