Originally Posted by captain78
Is that silver thing on back of airbag the clock spring because it doesn't look like the aftermarket ones if not where is the clock spring located
I don't think it is. All of them I've seen have a hole in the middle for the steering shaft to go through.
Whatever that is, it might controlled by and connected to the clock spring.
I'd bet it is deeper down in your steering column.
I could not locate one for your car, only the 94-95 Mustangs showed up in searches.
If you locate it I did find a couple of videos that show how they work and how to test and repair them.