Bill Clinton: “Well, we just started. I have asked Secretary Bentsen to work with Mr. Panetta, to work with the Senate, to basically…”

“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 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 pro-work, pro-jobs 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.”