Mr. Speaker. I rise to join my colleagues to reaffirm my strong commitment to loan guarantees to help Israel absorb hundreds of thousands of refugees fleeing fear and intimidation around the world. President Bush has submitted to Congress a new request for a $12 billion increase in the United States quota to the International Monetary Fund. which in large part will be used to assist the former Soviet Republics. Because this quota backs up private loans. it functions just like a loan guarantee. The administration has taken the position that this quota increase to the IMF involves no budgetary exposure. however. although Israel has never defaulted on a loan. the administration has argued that loan guarantees forIsrael do involve significant exposure to the Treasury.
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