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Interview with Larry King June 21, 1993

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Interview with Larry King June 21, 1993 Administration of William J. Clinton, 1993 / June 21 NOTE: The interview began at 12:49 p.m. The reports that Henry Leon Ritzenthaler might be President spoke from the Roosevelt Room at the the President's half-brother. White House. A question referred to newspaper Interview With Larry King June 21, 1993 Mr. King. Welcome back to another hour of facts are. All I'm saying is I'd be happy to have ``The Larry King Show.'' Great pleasure to have any suggestions he has, but we've got to know with usÐthe last time we had him on a radio where we're going on this. show he was in a car in Detroit during the Mr. King. You're saying it would be pointless campaign, getting to the airport. In fact, he gave to sit down unless they come in with a us a visual description of the highway. Do you preagenda? remember that? The President. The Senate Finance Commit- The President. I do remember it. tee met last week on the economic plan and Economic Program dealt with a lot of Republican amendments after they went all over the country saying the issue Mr. King. President Clinton, a couple of was spending. The Republicans tried to lower things. First, Senator Phil Gramm last week on my television show saidÐthe Republican from taxes in a lot of different ways, mostly on upper TexasÐanytime, anywhere, anyplace he'll come income folks. And everything they offered would to the White House, he'll meet with you, he'll have increased the deficit because they did not sit down to work out a deal on the economy introduce one single spending cut amendment, from the Republican Party standpoint. He said, because those are the tough and controversial you invite him, he's there. What about it? things, because they know how much we've al- The President. I'm always happy to talk to ready cut spending in this budget. Senator Gramm, but the issue is, what are they So, all I'm saying is, you know, I'll talk to for? I mean, there at least was a Republican Phil Gramm; I'll talk to anybody. He may want budget offered in the House of Representatives, to talk to me this week because I'm trying to and more Republicans voted against it than save the space station and the super collider Democrats voted against my budget. There was in his State, two things I believe in. After having a bipartisan budget offered in the Senate Fi- shaved down the space station by $4 billion and nance Committee which by common consent shaved the cost of the super collider some, I probably couldn't get 20 votes on the floor of believe they're important for America as invest- the Senate. So what I want to know is, what ments in science and technology. But there are are they for? I have met with the Republican a lot of people who are against these projects Senators completely. I meet with the leadership who are going to try to take his rhetoric and of the Republicans along with the Democrats the rhetoric of the recent Texas election and all the time. I am always anxious to discuss use it against him because of the things they this. But we need to know what the specifics said. So, Senator Gramm may need me this are. I mean, I put out a plan that has $250 week because I agree with him on this issue, billion in tax cuts in it that affects agriculture, and I hope we can save them for America's veterans, defense, foreign aid, the Federal em- sake. But the political rhetoric of some of the ployee pay, Federal employee retirement, cuts Republicans in pretending that there are no huge amounts out of all these things. They've spending cuts has made it tougher. been trying to convince the American people Mr. King. So in other words, what everybody that there are no spending cuts. Senator Gramm wants is, they don't want to pay new taxes; they tried to do it in his own State of Texas in don't want to cut any services. We just want the recent election season. a free ride. So, if we're going to have anything to talk The President. Yes, and we want to do it about, we've all got to at least say what the in a way that looks politically palatable. So they 905 VerDate 11-MAY-2000 09:59 Oct 16, 2000 Jkt 190399 PO 00000 Frm 00905 Fmt 1240 Sfmt 1240 D:\DOCS\PAP_TEXT APPS10 PsN: PAP_TEXT June 21 / Administration of William J. Clinton, 1993 talk about, well, let's put a cap on all this spend- so they can grow and buy more of our products. ing or limits on all that and not come up with And if we do it together, we can bring this the specifics. My budget has 200 specific spend- world out of the recession it's in, and that means ing cuts over the previous Bush budget. A hun- more jobs for America. dred of them are more than $100 million a Mr. King. But what part does Japan play if piece. And I really have tried to take this thing they're lame duck? on. For years we listened to all this rhetoric The President. Well, I think that depends about how we could cut taxes and increase upon what all the political sides in the country spending and somehow everything would be all will say about the negotiations that we're on. right. And we took the debt from $1 trillion I mean, it's pretty clear to me that no matter to $4 trillion. We had astronomical long-term who winds up being Prime Minister of Japan interest rates. Ever since we've been trying to and what faction that person comes out of, that bring the interest rates down by bringing the they're going to have to continue to open their deficit down, you see mortgage rates at a 20- economy to our products. And they're going to year low, housing starts at a 7-year high; con- have to continue to stimulate their economy, struction employment is increased at the highest because they don't have a budget deficit, they've rate in 9 years. We've got 755,000 new jobs got a surplus. coming into the economy. Most of them are What's happening in Japan now I think has coming in because people are refinancing their more than anything else to do with the legacy debt and freeing up money to invest in the of the various political scandals and the political economy. So we're moving this in the right di- corruption. I think their economic policy is rection. But of course, it's not popular to do going to have to take the direction that we sup- these difficult things. port almost no matter who gets elected Prime Minister. They can't withdraw from the world International Economy or shut us out now. They've got too much at Mr. King. You're going to have to go to Japan stake in expanding into China and other coun- in a couple weeks. That's a major economic tries and doing business in a very complicated conference. Let's assume the Senate passes this; world that simply won't allow Japan to be the then they go to House committee, and that of only rich country in the world with $110 billion course won't be settled by the time you go a year trade surplus. there. And you go to a country where their Mr. King. So you're hopeful, no matter who leadership is going to change. How much of it is? a ball of wax is that? The President. Yes, I am. It presents a chal- The President. Well, it's going to be a chal- lenge to get done the things I wanted to get lenge to get a lot done at this summit. But done in Japan at the conference. It will be more I'm convinced we can. We have two or three challenging, but I still think that we may be issues that we really need to deal with. We're able to do that simply because of the limits trying to come to grips with the need for a on their economic options. new trade agreement for the world, which I think is very important, will create more jobs NAFTA in America. We'd have more jobs today if Eu- Mr. King. During the campaign you told me, rope and Japan weren't in the bad economics in fact, almost the day it happened, when Presi- conditions they're in. Their growth rates are sub- dent Bush signed it in San Antonio, you said stantially lower than ours. If they were in better to me the next day that you supported this fair shape, they'd be buying more of our products trade concept with Mexico and Canada on bal- and we'd have more jobs. ance. You had some questions. Do you still have The second thing we're going to try to deal some questions? with is what we can do, each in our own coun- The President. Yes, but I'm still for it. As tries, to promote global economic growth. The a matter of fact, I feel more strongly today, Europeans and Japanese have been telling if possible, that it is the right direction for us America for years, ``Get your deficit down.'' So to take.
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