[Weekly Compilation of Presidential Documents Volume 29, Number 7 (Monday, February 22, 1993)]
[Page 212]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Exchange With Reporters Prior to a Meeting With Democratic Congressional 
Leaders

 February 16, 1993

The Economy

    Q. Mr. President, your spokesman said 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 would 
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.