Bill Clinton: “Oh, how much had been cut. I'm sorry. Well, we spend every year--let me tell you how much we spend so I can explain…”

“Oh, how much had been cut. I'm sorry. Well, we spend every year--let me tell you how much we spend so I can explain that. We spend every year about $1.5 trillion. When I became President we were taking in about $1.2 trillion, so our deficit was about $300 billion a year. Last year we cut $255 billion from last year's budget, and we increased spending in certain areas. We increased spending in education and health and in high technology. And we raised taxes on the wealthiest Americans, and we raised the gas tax some, and we cut the deficit $300 billion. So last year there were $255 billion of spending cuts in the budget. This year, the Congress hasn't started work on it. I just sent a budget up there this year, this time. So the Congress hasn't started work on it. But we'll have to have a whole range of other cuts, and I propose that they cut 300-plus different programs and eliminate 100 altogether so that we can continue to increase our investment in the things that matter, like these education programs. Technology in the Future”