• Share
  • Read Later
The Mexican peso rescue plan is showing new signs of life. Today, President Clinton strongly appealed to congressional leaders to settle partisan differences and pass his $40 billion Mexican aid plan quickly. "We have hundreds of thousands of jobs that are tied to the success of the Mexican economy," Clinton said, noting that Mexico is now thethird-largest U.S. trading partner. Though many legislators have condemned the plan as a bailout, Senate Majority Leader Bob Dole today agreed with Clinton that loan guarantees were necessary to prevent the United States from being "flooded with cheap goods and a lot of immigrants," and Speaker Newt Gingrich said that finding a solution is urgent in order to stabilize world financial markets and protect American jobs. House Banking Committee Chairman Jim Leach (R-Iowa), meanwhile, announced that rescue legislation was nearly ready.TIME Mexico City bureau chief Laura Lopezsays that the Mexican government insists it has no backup plan. The Mexican attitude, Lopez says, is that "If the people in the U.S. Congress see they've got an alternative, they won't vote for the assistance plan."