[Weekly Compilation of Presidential Documents Volume 31, Number 4 (Monday, January 30, 1995)]
[Pages 83-84]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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

[[Page 84]]

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 American--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.
    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 bail-out; 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.