Abstract-Rapid, reflex-like stepping movements are a prevalent and functional compensatory reaction to destabilization, however, little is known about the underlying control. In this paper, a model is developed to examine how speed and stability demands affect control of foot placement during forward and backward compensatory stepping reactions. The concept of the velocity stability margin (VSM) is introduced to characterize the degree to which the horizontal velocity of the falling body approaches biomechanical limits on the capacity to decelerate the center of mass; analogous limits on center-of-mass displacement are quantified in terms of the displacement stability margin (DSM). The model is used to predict, for any initial step characteristics, the variation in DSM and VSM that would occur as a function of changes in timing of foot placement. The VSM was found to prevail over the DSM in establishing limits of stability. Model simulations demonstrated that there typically exists a minimum swing duration that maximizes speed of response while meeting minimum requirements for stability (VSM 0), as well as a slower speed of response (longer swing duration) at which stability (VSM) is maximized. Experimental data from platform-perturbation tests in 20 healthy young (22-28) and older (65-81) adults were used, in conjunction with the model, to investigate whether speed or stability takes precedence during natural behavior. Control of single-step reactions appeared to favor stability; although the model predicted that a minimally stable step (VSM = 0) could be attained by swing durations as short as 30 ms, the observed swing durations were, on average, 135 ms longer than this, and the average VSM was nearly as large (80%) as the optimally stable value predicted by the model. Control of the initial step of multiple-step reactions was distinctly different. The average swing duration was only 55 ms greater than the minimally stable value and the average VSM was 81% smaller than in the single-step reactions. This reduction in VSM is consistent with a need to execute additional steps and appears to support the validity of the model. This model may help to provide insight into the biomechanical factors that govern the neural control of compensatory stepping reactions.