    [Public Papers of the Presidents of the United States: William J. Clinton (1995, Book I)]
    [January 21, 1995]
    [Pages 65-66]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    January 21, 1995

        Good morning. I know I speak for all Americans this week when I send
    my condolences to the victims of the terrible earthquake in Japan. And
    to the families of the American victims of that tragedy, let me say, our
    thoughts and prayers are with you.
        If there's any consolation to be found in this kind of disaster,
    it's that nature's worst brings out humanity's best. I'm proud of the
    many Americans who joined the massive Japanese relief effort, like the
    engineers from the University of California at San Diego who flew to
    Osaka on their own dime and then walked to Kobe to pitch in. They're a
    fine example of the American inclination to reach out when others are in
    need.
        This week, we as a nation were called upon to address a different
    kind of crisis closer to home, the financial crisis in Mexico. We had to
    act not just for Mexico's sake but for the sake of the millions of
    Americans whose jobs and livelihoods are tied to Mexico's well-being and
    to the well-being of other nations around the world that could be
    affected by the difficulties in Mexico.
        I'm grateful to the leadership in Congress from both parties. They
    shared my sense of urgency in assembling a support package that will
    prevent this crisis from spreading and help to put Mexico back on a
    stable and prosperous course.
        Every American should understand what's at stake and why it's in the
    interest of working men and women all across our country to support
    Mexico. Mexico is our third largest trading partner. And already the
    goods and services we sell there support 700,000 American jobs. Helping
    Mexico remain a strong and growing market for our exports is vital to
    our ability to help create the kind of high-paying jobs that give people
    their shot at the American dream.
        At the same time, we share a 2,000-mile boundary with Mexico and a
    common concern to stem the flow of illegal immigrants to America. By
    supporting Mexico, we'll help Mexican workers see the prospect of a
    decent job and a secure future in their home, not across the border.
        Finally, Mexico serves as a model for developing countries from
    Latin America to Asia that are completing the transition to free markets
    and democracy. If we allow the crisis in confidence in the Mexican
    economy to continue, it could spread to those other countries whose
    emerging markets are buying a huge and growing share of our own exports
    and supporting millions of jobs here at home.
        So you see, we've got a lot at stake. But Mexico's problems can be
    overcome. And with our help they will be. As serious as the crisis is,
    it represents a temporary detour from the path to prosperity and
    stability that Mexico has been on for the past decade. What's happened
    in these past few weeks is that Mexico ran into a cash-flow crunch, much
    like a family that expects to pay for a new home with money from the
    sale of the old house, only to have the sale fall through.

    [[Page 66]]

        The support package we're proposing will back private sector loans
    to Mexico with a U.S. Government guarantee. That's like the Government
    cosigning a note that Mexico will use to borrow money. The package will
    relieve the squeeze on Mexico and help it to get its economy back on
    solid footing.
        I want to be clear about this: This support package is not foreign
    aid. It's not a gift. It's not a bailout. It's not a Government loan. It
    won't affect our current budget deficit a bit. We will attach strict
    conditions to make sure that any money Mexico does borrow on the basis
    of our guarantees is well and wisely used. And those guarantees will be
    backed by Mexico's oil revenues.
        Now, along with Republican and Democratic leaders in the House and
    the Senate, I call upon the Congress to do the right thing and cast a
    vote for America and our workers. For 200 years, we've always had our
    partisan fights, and we always will. But when our national interest is
    on the line, we all must rise above partisanship and act for our Nation.
        President Bush put it very well in the strong statement he issued
    supporting this proposal when he said, and I quote, ``If there ever was
    a time for a strong bipartisan support for a foreign policy initiative,
    it is now.''
        Passing this program will help to preserve a critical export market,
    support thousands of our jobs, stop more illegal immigration, and give
    countries all around the world confidence that open markets and
    democracy are the best guarantees for peace and prosperity.
        I hope all of you listening today will tell your Representatives
    that you support this plan and you want them to support it as well. This
    package is good for Mexico, but even more important, it's right for
    America.
        Thanks for listening.

    Note: The address was recorded at 11:42 a.m. on January 20 in the
    Roosevelt Room at the White House for broadcast at 10:06 a.m. on January
    21.