[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.