Word: loaning
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...Clinton worked on finishing touches late last week, another crisis loomed. His proposal to provide $40 billion in loan guarantees to the Mexican government ran into an unexpectedly hostile reception on Capitol Hill. His Democratic allies in the House, still smarting from their failure to stop nafta in 1993, pressed the President for concessions from Mexico City on more favorable labor practices and environmental regulations. House Republicans, though philosophically supportive of the Clinton plan, balked at providing the rest of the votes unless Clinton took a firmer public stand against the demands of the liberal Democrats. Clinton was forced...
That suited Newt Gingrich and the Republicans just fine: the Mexican crisis was now sure to hang over Clinton's head Tuesday night. With less than a week to go before the likely vote on the loan guarantees, only 33 of 204 House Democrats agreed to back him. And Latin financial markets were getting the jitters...
While Clinton polished his speech, his top aides were working on little besides the Mexican loan deal. Rubin, Panetta and Vice President Al Gore faced a hostile group of House Democrats Wednesday morning and realized that they had what one called ``a potential tragedy'' on their hands. Fearful that voters back home would resent the public underwriting of private loans to Mexico, lawmakers refused to make what Gore called ``a difficult vote but an easy decision.'' Hearing Gore's insistence that the Treasury might actually make money from the deal, a lawmaker shocked the White House group with his bluntness...
Even as the International Monetary Fund announced a $7.8 billion loan today to helpMexicoout of its currency crisis, President Clinton's once-popular peso rescue plan was hard aground in Congress. A key Democratic senator, Ernest Hollings of South Carolina, this morning attacked Clinton's $40 billon loan guarantee proposal as a "billionaires' bailout," saying Mexico is unlikely to pay it back. "Let's cut out this nonsense of trying to hoodwink the American people," Hollings told the Senate Foreign Affairs Committee, where Chairman Jesse Helms (R-N.C.) ignored GOP leaders more sympathetic to the plan by giving...
...Mexico's battered economy stabilized after President Clinton -- backed by congressional Republicans -- said the U.S. stood ready to help. The American offer: as much as $40 billion in loan guarantees. Mexican stocks, which had fallen early in the week, rose after the announcement. Still, Mexicans remained anxious about their country's fiscal health. Said a Mexico City electronics dealer: "This is a time bomb. People will take to the streets." Hundreds of upper-middle-class housewives did, marching on the presidential residence with their cellular phones in hand and their maids alongside waving banners demanding TRUTH AND DEMOCRACY...