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

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

 June 8, 1993

Economic Program

    Q. Mr. President, the Republicans have said they won't accept a plan 
with any taxes. How are you going to bridge that gap with Bob Dole?
    The President. I don't know what the bridge will be. Let me just say 
this, I think it's very important that we move this promptly as possible 
to pass the economic plan. After the House acted, long-term interest 
rates dropped again. We now have a 7-year high in housing sales, 
unemployment below 7 percent--it's the first time in a year and a half--
755,000 new jobs since January. And that's because there's a serious 
attempt to reduce this deficit through a combination of cuts and tax 
increases, almost all of which come on wealthier individuals. So I think 
we just need to move forward.
    There will be some changes in the Senate, and that is fine. Then we 
just need to hold to the principles: there ought to be $500 billion in 
deficit reduction; it ought to be in a trust fund so that neither the 
taxes nor the spending cuts can be diverted; and the tax burden ought to 
be progressive, falling largely on the wealthiest Americans; and we 
ought to keep the incentives for private sector growth in there. We're 
moving from welfare to work for investing in the depressed areas of the 
country for starting small businesses. Those are the principles that I 
have. And the energy tax ought to encourage conservation and the use of 
cleaner fuels. Those are the things that I think ought to be done. We'll 
just see what happens.
    Q. Does it have to include--does it have to be a Btu tax, or can you 
find another energy----
    The President. I have delegated to--I don't want to get into the 
name game here. I'm interested in the principles of the program: deficit 
reduction, lower interest rates, job growth. We've got job growth coming 
back into this economy now, and I think we have to continue to do what 
produces it, which is lower interest rates. The lower interest rates are 
causing people to refinance all their debt and putting it back into the 
economy. And that's the thing I'm interested in.
    We'll just see. Secretary Bentsen and Mr. Panetta are representing 
the administration in the conversations with the Senate. And we'll just 
see what comes out of it.
    Q. Do you think you can start over with Bob Dole--after all the bad 
blood?
    The President. I like Senator Dole. I always have. Besides that, he 
knows more jokes than I do, and I resent it. Get him to share some with 
you.

Note: The exchange began at 9:35 a.m. in the Cabinet Room at the White 
House. A tape was not available for verification of the content of this 
exchange.