    [Weekly Compilation of Presidential Documents Volume 29, Number 22 (Monday, June 7, 1993)]
    [Page 1020]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    Remarks and an Exchange With Reporters During a Luncheon With Business
    Leaders

     June 2, 1993

    Interest Rates

        The President. Let me just make one remark. You know, once a week if
    at all possible I attempt to have lunch here in the White House with
    business leaders from around America and solicit their views and their
    opinions, their suggestions. These lunches have been enormously valuable
    to me and, I think, are helping us develop the kind of partnership with
    the private sector we need.

        I'd just like to mention two things that I think support the
    economic position that I have taken and the work we're doing in the
    Senate. First of all, there were news stories today and yesterday
    pointing out that long-term interest rates are down again, the stock
    market is strong again in anticipation of the passage of a real deficit
    reduction package after the vote in the House. And that means we're
    taking the right course. And I'm looking forward to working with the
    Senate when they get back next week.

        Secondly, just today we've learned that we had the largest monthly
    increase in new housing sales in 7 years, which is clearly the result of
    lower interest rates and proves the point that we've been trying to make
    that if we can get the deficit down, get the interest rates down, that
    will be the biggest job stimulus to the economy. It will put another
    $100 billion back in this economy.

        So there are lots of things that we have to discuss and lots of
    things that perhaps we can all change for the better. But at least the
    general direction, I think, is clearly right. And I thank these kind
    business leaders for coming here today, and I look forward to continuing
    to do this every week as long as I'm President. I think it will be very
    helpful to the country.
        Thank you very much.

    Lani Guinier

        Q. [Inaudible]--nomination, Mr. President?
        The President. Well, let me say this, I think that I have to talk to
    some of the Senators about it because of the reservations that have been
    raised both publicly and privately. I want to reaffirm two positive
    things about her. One is everyone concedes she is a first rate civil
    rights lawyer, and no real civil rights lawyer has ever held that
    position before, someone who made a career of it.
        Secondly, I think any reasonable reading of her writings would lead
    someone to conclude that a lot of the attacks cannot be supported by a
    fair reading of the writings. And that's not to say that I agree with
    everything in the writings. I don't. But I think that a lot of what has
    been said is not accurate. On the other hand, I have to take into
    account where the Senate is, and I will be doing that and talking to
    them. And I think until I do that, I should have nothing else to say.

    Note: The President spoke at 12:29 p.m. in the Old Family Dining Room at
    the White House. A tape was not available for verification of the
    content of these remarks.