Word: bailouts
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...known that they were prepared to repeal the recently enacted ban on assault weapons, the President's threat of a veto notwithstanding. And a growing bipartisan chorus continued voicing dissatisfaction with the President's $40 billion emergency-loan-guarantee package for Mexico, which many characterized as a bailout for wealthy investors. The President, meanwhile, indicated that he would wait and sound out his staunch Republican foes before proposing a specific increase in the minimum wage...
That uprising isn't the only one. Driven equally by ideological verve and concerns about the voters back home, the freshmen are also threatening to walk away from a Mexican bailout supported by Republican leaders in both houses; to force the most stringent version of term limits, over the objections of party elders; and to push for a repeal of the assault-weapons ban, a huge fight the Speaker doesn't want just yet. ``Some of these guys just have no fear,'' says an awestruck Republican House veteran. ``Some of them look at us like we're the problem...
...billion only if Mexico defaulted on loans extended to it by private lenders--the deal is a hard sell to voters skeptical about helping either foreign nations or the Wall Street investors whose money is still in Mexican securities. At a press conference last week at which anti-bailout freshmen teamed with conservative commentator Pat Buchanan, first-termer Wamp promised to vote ``with the people of east Tennessee this time and not with [Fed Chairman] Mr. Greenspan.'' And while that puts the freshmen on the opposite side from their own leadership as well, Stockman says, ``In reality, I'm trying...
...increases of U.S. interest rates during the previous 11 months had helped create the Mexican crisis. As it was, the chairman's effort had only limited impact on Congress, where populist Republicans have been joining forces with anti-free trade Democrats to make passage of the bailout package unlikely in the near future. Democratic Senator Ernest Hollings of South Carolina denounced the loan-guarantee legislation as a ``billionaire bailout'' to save the fortunes of rich investors on both sides of the border. Though House Speaker Newt Gingrich expressed backing for the Clinton proposal, he said, ``It's clear from polling...
...there is no bailout, Mexico is likely to face further destabilization--as may Latin America as a whole. Already the uncertainty about Washington's course of action is accelerating the Mexican economy's downturn. Some 4,000 businesses closed in the first four weeks of 1995 because of high interest rates, lack of sales and tight credit since the peso crash. Predictions of the annual inflation rate for 1995 run to 20% or more, and many economists expect the economy to shrink at least 2%, even if the U.S. guarantee is approved. Government and private analysts contend that while direct...