Bill Clinton: “First of all, New York needs a lot of things. And my own judgment is--not just New York, New Jersey, Arkansas, you name…”

“First of all, New York needs a lot of things. And my own judgment is--not just New York, New Jersey, Arkansas, you name it. California is in terrible shape. We've got a lot of things to do in this country. My response would be twofold. Number one, I think that New York will gain far more from a stable, credible deficit reduction plan and the other business incentives that we are putting into the law than you will lose by a restriction on the entertainment deduction. Number two, when the entertainment deduction was reduced before from 100 to 80 percent, the same claims were made against the reduction. And afterward a study concluded there was no loss of jobs. I believe the American people will continue to travel, and I believe more and more American people will continue to eat out as more families have two income earners and work longer hours. I think there are large social forces at work here which make it highly unlikely that a job loss will occur. Yes, sir. Deficit Reduction”