[Weekly Compilation of Presidential Documents Volume 29, Number 23 (Monday, June 14, 1993)]
[Pages 1042-1043]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Exchange With Reporters Prior to a Meeting With Senators Mitchell and 
Moynihan

 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 spending 
cuts--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 prowork, 
projobs 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. 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.

Taxes

    Q. How far are you on a Btu tax? Would you give a little on that?
    The President. I've already--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. A tape was not available for verification of the content of this 
exchange.

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