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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release January 12, 1995

                            PRESS BRIEFING
                                  BY
                   PRESS SECRETARY MICHAEL MCCURRY

The Briefing Room

6:08 P.M. EST

MR. MCCURRY: Good evening. I just want to very shortly and very briefly read a statement that results from a meeting this evening that the President has had with the bipartisan leadership of Congress, with the Secretary of the Treasury, with the Chairman of the Federal Reserve, and also the Vice President. The participants in that meeting agreed to the text of a joint statement between the President and the bipartisan leadership of Congress, which is now being simultaneously issued here at the White House and up on Capitol Hill.

The text of the statement is: We agree that the United States has an important economic and strategic interest in a stable and prosperous Mexico. Ultimately, the solution to Mexico's economic problems must come from the people of Mexico, but we are pursuing ways to increase financial confidence and to encourage further reform in Mexico. We agree to do what is necessary to restore financial confidence in Mexico without affecting the current budget at home.

In a few short moments, I'm going to have two of the participants in that meeting give you a background session. I'd also report to you that the President is at this minute on the phone with President Zedillo, and we'll probably be able to tell you more about that conversation tomorrow. I'd like to hold -- let the statement speak for itself this evening, and then provide you some additional people who can help answer questions.

Q Mike, are you talking about loan guarantees?

MR. MCCURRY: I'll save those questions. I think the statement, as I say, speaks for itself -- and allow some of our officials who can tell you more about some of the technical aspects of this a little later on.

Q So you didn't agree on a specific financial plan for Mexico?

MR. MCCURRY: I don't think that's accurate, but I'll turn that over to some of the people who --

Q Are there still negotiations or discussions underway or is this --

Q Why don't we ask the people who are going to tell us?

MR. MCCURRY: I want to conclude with this portion of it and then go to people who will be well-equipped to answer your questions.

Q The next part is all background, senior administration officials?

MR. MCCURRY: The attribution will be U.S. officials.

Q You mean this crowd that's standing here, that are on camera?

Q Well, now that they're on camera --

Q But they're already here. Isn't that a little ridiculous to put it off camera if the senior officials are standing right here?

MR. MCCURRY: It's not, for reasons that we want to provide you the best information we can provide you.

Q The one question not affecting the budget, though, is an issue of appropriation. Are we saying that there will be no additional appropriations?

MR. MCCURRY: I'm going to, again, leave that to people who I think will be able to help you. Thanks.

Q What's the attribution again?

MR. MCCURRY: Senior U.S. officials.

END 6:15 P.M. EST

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