Of course we did nothing
Even after the Iraqi invasion began on August 2 (Kuwait) Bush, Sr. was asked by reporters if he intended any intervention in the Gulf Crisis. Bush said, "I am not contemplating such action."
However, Bush soon drew "a line in the sand "to block further Iraqi intrusion. It is interesting to note that this line was located between the Iraqi forces and oil interests owned by his son, soon -to-be Texas governor, George W. Bush.