[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.