    [Public Papers of the Presidents of the United States: William J. Clinton (1993, Book I)]
    [June 7, 1993]
    [Pages 818-819]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Exchange With Reporters Prior to a Meeting With Senate Leaders
    June 7, 1993

    Economic Program

        Q. How far are you on a compromise on the economics program?
        The President. Well, we just started. I have asked Secretary Bentsen
    to work with Mr. Panetta, to work with the Senate, to basically embody
    the principles that I think are important. We have to have $500 billion
    in deficit reduction. We have to have the spending cuts. And no tax
    increases without the spending cuts. The deficit trust fund is
    important. The tax burden has to be progressive.
        Right now, over 60 percent of this money is coming from people with
    incomes above $200,000, over 74 percent from people with incomes above
    $100,000. That has to be kept. And then we have to keep the pro-work,
    pro-jobs portions of this intact. This plan gives the best incentives to
    small business, to new businesses, and for working poor people to work
    their way out of poverty, of any tax program we have ever had. And it's
    not just a tax program. It's an investment program, and it's a spending-
    cut program. And the whole thing has to be put together. Now, within
    those principles, these people are going to work out a bill that can
    pass the Senate, pass the Congress, and can keep the economic growth
    going.
        Keep in mind the main objective is to keep interest rates down, keep
    the growth going.

    [[Page 819]]

    We've got 755,000 new jobs since January, a 7-year high in housing
    starts, first time in 18 months unemployment below 7 percent. This thing
    is working. We've got to keep it going. That's my concern.
        Q. How far are you on a Btu tax? Would you give a little on that?
        The President. I want an energy component that promotes energy
    conservation in clean fuels. That's what I want. I believe that's an
    important part of our future. Everybody knows that if we're going to
    have high productivity growth and be a rich country, we have to promote
    that. That's an important principle to me, too.
        Q. [Inaudible]--on Senator Boren to get that passed?
        The President. I'm promoting the principles. These guys are going to
    work it out. My job is to advocate for the kinds of product--I want the
    results. I want jobs and incomes and growth. That's what we're producing
    now. That's my job. I'm confident they'll produce a plan that will give
    us that.

    Note: The exchange began at 5:35 p.m. in the Oval Office at the White
    House, prior to a meeting with Senators George J. Mitchell and Daniel
    Patrick Moynihan. A tape was not available for verification of the
    content of this exchange.