Exchange With Reporters Prior to a Meeting With Democratic Congressional Leaders
Q. Mr. President, your spokesman says there would be no negative effects on the economy from the tax portion of your stimulus plan and your economic plan, and that the stock market's reaction today is just a simple stock market cycle that has nothing to do with your program. Do you agree?
The President. I do. I mean, the people in the stock market know, have known in general all along what was going to be in the program, and the stock market has gone up markedly since the election. The stock market's been going up since the election.
Q. Do you agree there will be no negative effects on the economy from taxes?
The President. Absolutely, I do. I believe if we reduce the deficit it will stabilize long-term interest rates, free up money for growth and increase jobs—
Q. Your spokesman also said that the middle class tax increase could also touch those making $30,000 and more. Is that breaking the faith with the middle class, Mr. President?
The President. Tune in tomorrow night.
NOTE: The exchange began at 3:08 p.m. in the State Dining Room at the White House.
William J. Clinton, Exchange With Reporters Prior to a Meeting With Democratic Congressional Leaders Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/218557