Word: nafta
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...billion according to the Commerce Department. At this rate, the U.S. appears to be headed for its worst annual trade deficit as well, projected now at a record $165.24 billion. "This trade performance poses a significant political problem for both the Clinton administration and the Republicans who rallied behind NAFTA and GATT," reports economics correspondent Adam Zagorin. "Those free trade agreements were sold as great creators of economic prosperity and jobs." Zagorin says the higher deficits will likely re-energize free trade opponents like Pat Buchanan and Ross Perot who say U.S. workers can't fairly compete with imports from...
...message to court voters whose wages have stayed flat or fallen while corporate earnings and executive salaries have soared. He claims both parties are too willing to "bow down to a gold calf" of free trade, sacrificing "American jobs on the altars of transnational corporations." He wants to repeal NAFTA and GATT, end foreign aid within five years, and slap across-the-board tariffs on Japanese and Chinese goods...
...eliminate all foreign aid funding and use the money to cut taxes on American small business. Although President Clinton has called aRepublican proposal to reduce foreign aid spendingfrom $12.7 billion to $11.8 billion next year "isolationist," Buchanan is pushing the GOP to wipe out funding entirely. "The isolationist, anti-NAFTA constituency is one of three groups Buchanan is appealing to," says TIME's Laurence Barrett, "the others being the gun control people and the social conservatives. What he is trying to do is become the main alternative to all the mainstream Republican candidates. He wants to seal off the Right...
...Clinton of surrendering just as Americans were becoming frightened about the scope of the GOP budget cuts. An angry David Obey (D-Wisc.) said tonight: "If you can follow this White House on the budget, you are a whole lot smarter than I am." As he did in the NAFTA debate, Clinton has rushed into the arms of the Republicans in a very partisan debate. Says Carney: "The problem is that he may be too late. He may still be irrelevant...
...year passes through Mexico. In addition, Mexicans have begun to distribute and sell the drug on the streets of American cities. Meanwhile, cocaine has pushed corruption, violence and criminality in Mexico to a new level. Such facts raise embarrassing questions for the Clinton Administration, which fought so hard for NAFTA and has bailed out Mexico by issuing loan guarantees that will cost the U.S. $20 billion if Mexico defaults. "Mexico is not a stable country right now," says Indiana Republican Congressman Dan Burton, chairman of the House Foreign Affairs Western Hemisphere Subcommittee. "It's almost, although not quite, a narco...