[Congressional Record Volume 141, Number 20 (Wednesday, February 1, 1995)]
[House]
[Page H1027]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


  THE PRESIDENT'S ACTION WITH REGARD TO THE MEXICAN ECONOMIC SITUATION

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Texas [Mr. Coleman] is recognized for 5 minutes.
  Mr. COLEMAN. Mr. Speaker, I rise to commend President Clinton's 
action today to help stabilize the Mexican economy by Executive order.
  With the President pledging $20 billion in U.S. loan guarantees from 
the U.S. Exchange Stabilization Fund, a Democrat once again averts 
another major foreign policy crisis with no Republican help. This new 
plan which includes contributions from the International Monetary Fund 
and other international organizations will stem the plunge of the peso 
which dropped to its all-time-low in value to close at 6.3 to the 
dollar yesterday.
  As a strong supporter of NAFTA and the Mexican stabilization package, 
I am very gratified to see today's action because small businesses and 
retailers in my district and across the Southwest will benefit from a 
sound Mexican economy. In Texas, about 262,400 workers are employed 
producing products ultimately destined for Mexico.
  Our national security interests were also at stake. If the Mexican 
situation was not resolved, there were estimates that undocumented 
immigration could have risen by more than 30 percent--or an additional 
one-half million economic refugees to our country this year. 
International observers were also monitoring our response to the 
Mexican crisis with great interest. The United States credibility was 
at stake.
  What today's action also shows is that the leadership vacuum has been 
filled in this new year. The President stepped up to the plate and 
delivered on the question of what is good for our country. The 
Republican majority running the Congress has failed in its first major 
leadership test.
  Remember NAFTA? Even though a majority of Democrats and the 
Democratic leadership opposed it last Congress, our party brought it up 
for a vote. I said back then and I will say now that you either lead, 
follow, or get out of the way. The Republicans, with their newfound 
power, seem to be dithering between following or getting out of the 
way. They certainly are not leading.
  Just a few days ago, the esteemed Speaker said that he would not 
bring the Mexican stabilization package to a vote because of lack of 
support from Democrats. My question to him is: Since when does the 
opposition party have to deliver the requisite number of votes for a 
passage on a measure?
  Does not the majority party have the prerogative to lead?
  Many of the President's most outspoken critics seemed to be putting 
their Presidential ambitions before the good of the Nation. Yet how can 
we explain their change of heart with regards to Mexico? After all, 
were not these same Presidential aspirants supporters of NAFTA 2 years 
ago?
  Many Republicans said after the President's State of the Union 
Address to let them act on what was best for the country. Well, the 
President has acted on an important national interest matter. And to 
the Republicans I say: Either lead, follow, or get out of the way.




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