[Weekly Compilation of Presidential Documents Volume 30, Number 20 (Monday, May 23, 1994)]
[Pages 1100-1101]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Exchange With Reporters Prior to Discussions With Prime Minister Gro 
Harlem Brundtland of Norway

May 17, 1994

Interest Rates

    Q. Mr. President, the Federal Reserve seems likely to increase 
interest rates today. How is that going to affect economic growth and 
your calculations for deficit reduction if you have to spend more to 
service a $4 trillion debt?
    The President. Well, first of all, if it happens, it will be because 
we have growth. I mean, now let's get the fundamental facts out here. We 
have more jobs, lower inflation, and a lower deficit and expectations 
for high growth this year, good growth.
    And so--I make it a practice generally not to comment on what the 
Fed does. There is clearly some room for short-term interest rates over 
the rate of inflation that won't slow down our economic growth. And I 
have every confidence that we're still going to have another good year 
this year and that we will be able to offset any modest increase in 
interest rates with increased growth. And so far--I talked to Mr. 
Panetta yesterday--we're well within our projections on deficit 
reduction.

Norway

    Q. Mr. President, have you ruled out the possibility of sanctions 
against Norway because of whaling?
    The President. We are working on this whaling issue. You know, the 
United States has taken a position opposed to commercial whaling, and 
we're working through this with Norway. The Vice President and I had a 
conversation about it this morning. We are working through the issue, 
and we feel comfortable about what we're doing. We think we're doing the 
right thing.
    Q. [Inaudible]--environmental groups say you----
    The President. Some environmental groups do. The most mainstream 
environmental groups have not joined these rather extreme claims that 
have been made against our country. Give us a chance to work through 
this. I think we'll come out in the right place.
    Q. Madam Prime Minister, do you agree with the Commerce Department's 
opinion that your country's resumption of whaling goes against efforts 
to save the whale, so to speak?
    Prime Minister Brundtland. No, I certainly don't. We would never 
have a policy which is not in accordance with international law. We 
would never have a policy which is not long-term sustainable 
development, not on this issue, not on any other.

[At this point, one group of reporters left the room, and another group 
entered.]

    Q. [Inaudible]--whaling, Mr. President?
    The President. We are working--we'll work through that. I have 
confidence that we will be able to work through it.
    Q. Mr. President, in that letter to Congress last October, you said 
that you're going to work with Norway to create an inspection regime for 
commercial whaling within scientific limits. Is that still the U.S. 
position?
    The President. What were you going to say, Mr. Vice President?
    The Vice President. I was going to say, we're opposed to commercial 
whaling. We have always been committed to good, sound science. And as 
the President said, we're working with Norway to work through this 
issue. We're opposed to commercial whaling. We hope that we'll also, 
incidentally, be able to establish a sanctuary in Antarctica. We hope 
Norway will support that. But we're just going to work through the 
issue.

[[Page 1101]]

    Q. Are you going to visit Norway, Mr. President?
    The President. I hope I'll be able to go back. I went to Norway once 
when I was a young man. I loved it. I'd love to be able to go back 
someday; one of the best trips I ever made in my life.

Note: The exchange began at 10:07 a.m. in the Oval Office at the White 
House. A tape was not available for verification of the content of this 
exchange.