President. let me now just point out the highlights of that proposal. It would establish a 5 year special loan guarantee program of "not to exceed" $2 billion a year. I mention that because that is contrary to what some of the press accounts have been. not to exceed $2 billion a year. and except for an initial amount in the first year. as explained below. the President would have the authority to decide how much is to be available to Israel each year based on Israels financial need in absorbing the Immigrants. It could be anything between zero and $2 billion. The President would control over 90 percent of the entire loan guarantee program. I do not know when any chairman of a committee with foreign affair jurisdiction has proposed that kind of discretion on the part of the President. Since this Is a humanitarian program. to absorb the immigrants who have come into Israel. our proposal stipulates that the determination of the amount of guarantees Is to be based on need. not on foreign policy considerations. Mr. President. that is consistent with other U.S. humanitarian aid programs. Then. because of the demonstrated need arising from the nearly 400.000 immigrants already in Israel. It would mandate a fixed amount of guarantees within 30 days of enactment. That amount was. incidentally. never finally established.
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immigrants Immigrants