Bill Clinton: “Well, it can--first of all, it can be done in 7 years. The question is, what is the penalty, and what are the tradeoffs?…”

“Well, it can--first of all, it can be done in 7 years. The question is, what is the penalty, and what are the tradeoffs? I think it clearly can be done in less than 10 years. I think we can get there by a date certain. But I want to evaluate the actual budget that the Republicans finally agree on. That is, the Senate has to adopt their budget proposal. Then they'll get together and reconcile the differences. Then I have to do what I promised them I did; I promised them that if they would adopt a budget, that I would negotiate with them in good faith and that I would propose a counter-budget. That's what I--I gave them my word I'd do it, and I will do it. I owe that to them, and I owe it to the American people. Look, I believed in deficit reduction before they did. My budgets, adopted in the last 2 years, are giving us 3 years of deficit reduction for the first time since Mr. Truman was President. And had it not been for the debts run--the interest we have to pay on the debt run up in the 12 years before I came to town, we would have a balanced budget today. That is, the only reason for the deficit today is the interest we are paying on the debt run up between 1981 and the end of 1992. And both parties bear responsibility for that because in every year but one, the Congress, then in the hands of the Democrats, actually adopted less spending than the White House, then in the hands of the Republicans, asked for. So this is not a partisan issue with me. America has a vested interest in the future in bringing this deficit down and bringing the budget into balance. And I will work with them to do it. And yes, it can be done, and it can be done by a date certain. Mr. Malof. Okay. Mr. President, thank you very much for taking the time to talk with us.”