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JHE
The Battalion • Page 5
Vmbassador says loan ensures U.S., Mexico futures
ackage holds U.S.
sponsible for defaults
lo other lenders
DALLAS (AP) — The U.S. Ambassador
ojMexico said Monday the current short-
m loss of confidence in Mexico’s econo-
could have long-term effects for the
ited States unless Congress approves
ackage of loan guarantees.
James R. Jones pledged his full sup-
rt for the Clinton administration’s pro
sed $40 billion in loan guarantees to
xico at a news conference in Dallas.
“Investors already have a nervousness
out investing in Mexico,” he said. "If
e United States walked away right
w, it would ultimately mean a major
hwdown of the U.S. economy.”
The value of the peso has tumbled in
[exico since December, raising investor
rs in and outside of the country.
The loan guarantee plan has encoun-
red some opposition since it was an
nounced Jan. 12. President Clinton has
urged Congress to put aside partisan dis
putes and act quickly on the deal, stress
ing that it is not foreign aid and is crucial
to Mexico’s financial stability.
Jones reiterated that many congress
men who opposed the North American
Free Trade Agreement fear the loan guar
antees package is foreign aid.
Unlike a direct loan, a loan guarantee
border areas of Texas, where the peso deval
uation is “particularly devastating.”
But he said if the loan package goes
through, Mexico will be put back in a posi
tion for growth.
If the legislation is not approved by Con
gress, the United States likely will have to
deal with an increase in illegal immigration,
Jones said. Mexicans will go where there is
opportunity, he added.
"If the United States walked away right now, it would ultimately
mean a major slowdown of the U.S. economy."
—James R. Jones,
U.S. ambassador to Mexico
an as'
or at
locked
s with
from
Times
-s had
of pri-
oundation with ties to Gingrich delays tax filings
)ver $400 thousand earmarked for House Speaker's televised college course
alist,
sealed
ts se-
works
ves to
n. He
issian
secret
43 to
with
r Eu-
nany
g the
asse.
ered
dur-
?d so
tiled
' the
m of! lie
Ipoils
y thf
- for
> and
mda-
oros.
does not necessarily result in the payout of
any money. Instead, the United States
pledges to pay back loans Mexico receives
from other lenders if Mexico defaults.
Jones said the future is uncertain for the
The former Oklahoma congressman said
he is heading back to Washington next week
to help negotiate the terms of the legislation
and to explain to members of Congress the
need for the loan package.
WASHINGTON (AP) — A
x-exempt group that helps
it the bill for Newt Gingrich’s
r college course has operated
nearly two years while
tting off government-required
closure of its finances.
Though the House speaker
Ids no formal title with the
ogress and Freedom Founda-
>n, it was created and staffed
some of his closest advisers
id produces his weekly televi-
on call-in show as well as
Iping underwrite the cost of
college course.
The foundation has received
i series of filing extensions from
Internal Revenue Service
at one agency spokesman
foundation vice president.
The relationship with Gin
grich has raised questions about
the foundation’s tax-exempt sta
tus, though officials say it is
strictly nonpartisan.
“There’s clearly an associa
tion between the Progress and
could not be reached for com
ment, an aide said Monday.
As a not-for-profit organiza
tion, the foundation is exempt
from taxes but is required to file
an annual report with the IRS
listing revenues and expendi
tures, the salaries of its officers
"The speaker is a friend, but any characteriza
tion of Progress and Freedom being Newt Gin
grich's think tank is just plain wrong."
— Bill Moyers,
Progress and Freedom Foundation vice-president
Irina lied “rare.
The extensions have allowed
foundation to raise more
mn $1.7 million and spend an
nspecified amount to push the
ouse speaker’s conservative
genda while delaying disclo
se of specifics until after the
)94 election.
The first tax report was sup-
ised to be filed early last year,
will be filed in the next two
onths, said Bethany Noble, a
Freedom Foundation and the
speaker, but it’s not a formal re
lationship,” Bill Myers, another
foundation vice president, said.
“The speaker is a friend, but
any characterization of
Progress and Freedom being
Newt Gingrich’s think tank is
just plain wrong.”
Gingrich’s spokesman, Tony
Blankley, was in a meeting and
and top employees and other fi
nancial details.
The initial financial report,
covering the period through Dec.
31, 1993, was due early in 1994.
But John Alexander, a
Philadelphia-based spokesman
for the IRS, said the organiza
tion requested and received per
mission to file its report at the
end of each fiscal year rather
than at the end of the calendar
year. It also received an exten
sion for an interim report that
should have been filed when the
tax year was changed.
Before the deadline, however,
the foundation sought another
extension that pushed the due
date past the election, to Feb.
15 of this year.
IRS spokesman Dom Laponzi-
na said it is not unusual for a
group to switch tax years or file
an extension. But, he added,
“there has to be significant
grounds for the second extension.
There has to be extenuating cir
cumstances. Those are rare.”
Alexander said the IRS could
not discuss specifics of the foun
dation’s second extension and
foundation officials did not re
turn telephone calls Monday
seeking further explanation.
In December, the foundation
released a summary of its fi
nances, showing 95 individuals
and groups contributed nearly
$1.7 million. Of the total,
$432,500 was earmarked for
Gingrich’s course, “Renewing
American Civilization.”
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