    [Public Papers of the Presidents of the United States: William J. Clinton (1993, Book I)]
    [February 16, 1993]
    [Page 110]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 110]]

    Exchange With Reporters Prior to a Meeting With Democratic Congressional
    Leaders
    February 16, 1993

    Economic Program

        Q. Mr. President, your spokesman says there would be no negative
    effects on the economy from the tax portion of your stimulus plan and
    your economic plan, and that the stock market's reaction today is just a
    simple stock market cycle that has nothing to do with your program. Do
    you agree?
        The President. I do. I mean, the people in the stock market know,
    have known in general all along what was going to be in the program, and
    the stock market has gone up markedly since the election. The stock
    market's been going up since the election.
        Q. Do you agree there will be no negative effects on the economy
    from taxes?
        The President. Absolutely, I do. I believe if we reduce the deficit
    it will stabilize long-term interest rates, free up money for growth and
    increase jobs----
        Q. Your spokesman also said that the middle class tax increase could
    also touch those making $30,000 and more. Is that breaking the faith
    with the middle class, Mr. President?
        The President. Tune in tomorrow night.

    Note: The exchange began at 3:08 p.m. in the State Dining Room at the
    White House.