Transportation Loan Guarantees Announcement

President Clinton announced the first use of matching grant funds for transportation loan guarantees in the conversion of defense industries. The President stated that the $30 million grant was a symbol of his commitment to fighting for American jobs, the economy, and the ship building industry. The President claimed that if we all work together we can figure out how to solve our nation’s problems. President Clinton claimed that his administration could be credited with finally deriving a strategy for restructuring defense industries. Through means such as expanding trade, America would be able to scale back defense, but keep industries viable and commercially successful. The President’s mission for the 20th century is to insure that the American dream will be carried on to the 21st century, and this grant to the ship building industry was one indicator that this will be possible. The President closed with a quote from his daughter that “this is a big deal.” close