THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, July 20, 1995 TAG: 9507200425
SECTION: FRONT PAGE: A3 EDITION: FINAL
SOURCE: ASSOCIATED PRESS
DATELINE: WASHINGTON LENGTH: Short : 44 lines
In a striking rebuke of President Clinton and congressional leaders of both parties, the House voted Wednesday to block billions of dollars in further U.S. loans to bail out the ailing Mexican economy.
By a vote of 245-183, lawmakers approved a provision by Rep. Bernard Sanders of Vermont, Congress' lone independent, that would halt U.S. support for the peso effective Oct. 1. The provision was added to a spending bill for the Treasury, Postal Service and other agencies for the coming fiscal year.
Of the $20 billion Clinton put into the exchange stabilization fund in January, $12.5 billion has been dispensed so far. The House measure would not affect the money already distributed.
In a written statement, Treasury Secretary Robert Rubin said the Clinton administration strongly opposes the Sanders measure and defended the stabilization fund as ``a vital tool of international economic and monetary policy for every president since'' Franklin Roosevelt.
Since its creation, the aid package has been attacked by lawmakers on both sides of the political spectrum. Some conservatives oppose risking U.S. funds to help a government many of them say is ineffective.
Supporters of the bailout said abandoning it would jeopardize the Mexican and American economies. ILLUSTRATION: Graphic
HOW THEY VOTED
A ``yes'' vote is a vote to freeze assistance.
Herbert Bateman, R-Va. No
Owen B. Pickett, D-Va. No
Robert C. Scott, D-Va. No
Norman Sisisky, D-Va. No
Eva Clayton, D-N.C. No
Walter Jones Jr., R-N.C. Yes
by CNB