Bill Clinton: “Well, the Fed has basically indicated that they're going to raise interest rates if this deficit reduction package…”

“Well, the Fed has basically indicated that they're going to raise interest rates if this deficit reduction package doesn't pass. Alan Greenspan has repeatedly told the Congress that the size of the Federal deficit and the accumulated Federal debt from the last 12 years was the biggest threat to the health of the American economy. And he was up there just last week saying that if this plan is derailed and we don't, in fact, come up with a plan for just about $500 billion of deficit reduction, that in his view interest rates are going to go up, and that will cripple the economy. As I said, everybody we have talked to has suggested that this level of fuel tax increase will be very modest and have virtually no impact on the economies of the various States in the country. Virtually all States in America have raised fuel taxes more than this for their road programs over the last 10 years without adverse economic impact.”