[Weekly Compilation of Presidential Documents Volume 34, Number 13 (Monday, March 30, 1998)]
[Page 520]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Senate Action on Supplemental Budget Legislation

March 27, 1998

    I am pleased that the Senate has approved important legislation to 
provide funding for victims of natural disasters, for support of our 
forces in Bosnia and the Persian Gulf, and to deal with the risk to 
financial stability around the world.
    It is particularly important that the Senate, by a vote of 86-14, 
provided the International Monetary Fund with resources it needs to help 
stabilize Asian economies. The crisis in Asia poses a threat to American 
jobs and exports, and we already have seen evidence that weaknesses in 
economies there are having an impact here. To ensure that the American 
economy continues on the path of steady growth, Congress must make sure 
that the IMF is strong enough to respond to any broadening of the 
current crisis. And because the IMF functions like an international 
credit union, paying our share won't cost American taxpayers a dime.
    I am also pleased that the emergency funding in this bill will allow 
our military forces to continue their missions in Bosnia and the Persian 
Gulf without impairing the high readiness level of our forces worldwide.
    At the same time, I remain concerned that the Senate bill does not 
address the matter of United Nations arrears. This continues to undercut 
our global leadership.
    I hope that the House of Representatives will act to fund all these 
critical activities before it returns home for recess.