Deserved Debt Relief

Last week, Republican Congressional leaders announced they would fully support President Clinton's proposal to allocate $435 million to the global $90 billion debt relief initiative. Rep. Sonny Callahan (R-Ala.), the ranking member of the House committee controlling the foreign aid budget, calls this step "the noble thing to do," although it remains unclear what exactly caused this dramatic turnaround after a decade of apprehensions about any such measure.

It might have been Pope John Paul II, whose calls for fair treatment of developing nations can be heard around the world. It might have also been Bono, lead singer of U2, whose visit to the Vatican initiated probably the first joint statement by a Catholic pope and an Irish pop star. It could have also been Jeffrey D. Sachs '76, Galen L. Stone Professor of International Trade and Director of Harvard's Center for International Development, who is one of the most outspoken representatives of the economics profession and an avid supporter of the global debt relief program. Or it might have been Sen. Jesse Helms (R-N.C.), who reportedly wept when talking to Bono about the merits of debt relief.

If none of these seems plausible, then perhaps the presidential race provides the answer. At the second presidential debate in Winston-Salem, N. C. Texas Gov. George W. Bush answered a question on whether the U.S. should share some of its wealth with poorer countries by saying, "we ought to be forgiving Third World debt under certain conditions." It remains unclear whether this statement reflects Bush's sincere concern for developing countries or merely an attempt to match the compassion of Vice President Al Gore '69. Gore has been a strong supporter of the White House's debt relief plan.

Whatever the reason for Callahan's decision, it definitely marks a turning point in the congressional leadership's approach to the issue. Now it is time for both the House and the Senate to act. We strongly urge them to take this issue seriously and save America the embarrassment of being the only major industrial country not willing to pay its share in the largest global debt relief effort to date.