    [Public Papers of the Presidents of the United States: William J. Clinton (1993, Book I)]
    [June 8, 1993]
    [Page 819]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Exchange With Reporters Prior to a Meeting With Congressional Leaders
    June 8, 1993

    Economic Program

        Q. Mr. President, the Republicans have said they won't accept a plan
    with any taxes. How are you going to bridge that gap with Bob Dole?
        The President. I don't know what the bridge will be. Let me just say
    this, I think it's very important that we move this promptly as possible
    to pass the economic plan. After the House acted, long-term interest
    rates dropped again. We now have a 7-year high in housing sales,
    unemployment below 7 percent--it's the first time in a year and a half--
    755,000 new jobs since January. And that's because there's a serious
    attempt to reduce this deficit through a combination of cuts and tax
    increases, almost all of which come on wealthier individuals. So I think
    we just need to move forward.
        There will be some changes in the Senate, and that is fine. Then we
    just need to hold to the principles: there ought to be $500 billion in
    deficit reduction; it ought to be in a trust fund so that neither the
    taxes nor the spending cuts can be diverted; and the tax burden ought to
    be progressive, falling largely on the wealthiest Americans; and we
    ought to keep the incentives for private sector growth in there. We're
    moving from welfare to work for investing in the depressed areas of the
    country for starting small businesses. Those are the principles that I
    have. And the energy tax ought to encourage conservation and the use of
    cleaner fuels. Those are the things that I think ought to be done. We'll
    just see what happens.
        Q. Does it have to include--does it have to be a Btu tax, or can you
    find another energy----
        The President. I have delegated to--I don't want to get into the
    name game here. I'm interested in the principles of the program: deficit
    reduction, lower interest rates, job growth. We've got job growth coming
    back into this economy now, and I think we have to continue to do what
    produces it, which is lower interest rates. The lower interest rates are
    causing people to refinance all their debt and putting it back into the
    economy. And that's the thing I'm interested in.
        We'll just see. Secretary Bentsen and Mr. Panetta are representing
    the administration in the conversations with the Senate. And we'll just
    see what comes out of it.
        Q. Do you think you can start over with Bob Dole, after all the bad
    blood?
        The President. I like Senator Dole. I always have. Besides that, he
    knows more jokes than I do, and I resent it. Get him to share some with
    you.

    Note: The exchange began at 9:35 a.m. in the Cabinet Room at the White
    House. A tape was not available for verification of the content of this
    exchange.