CLINTON DOES CPR ON PESO PACKAGE

Under pressure, President Clinton fought for his endangered plan to rescue the Mexican economy. Warning that the U.S. has a "lot at stake," he urged Congress "to do the right thing" and give the nod to his $40 billion package of loan guarantees. Because the plan is unpopular in his own party, Clinton must rely on the GOP to deliver enough votes. Today, however, House Speaker Newt Gingrich warned Clinton to find more votes on his side. "I believe if they will deliver half their party for this thing, we will pass it," Gingrich said. White House officials spent the day lobbying Democrats. By evening, says TIME Washington correspondent Suneel Ratan, it was "looking like it's not a question of whether, but when, enough minds will be swayed." The timing is crucial to Mexico, Ratan says, because of its urgent need to convert short term obligations -- which it can't meet -- to long term loans. "Clinton's loans would enable them to do that," says Ratan. The House is expected to vote on the plan next week.