George H.W. Bush: “I've done that many times. And he's right. I made what I admitted was a mistake. At the time I thought it was the right…”

“I've done that many times. And he's right. I made what I admitted was a mistake. At the time I thought it was the right thing to do, because we--one good thing about that 1990 bill, we got a cap, a firm cap on the discretionary domestic spending. For the kids here, two-thirds of the budget is mandatory spending; the President never gets a shot at it. It's called entitlements. One- third of it is the rest of the Government spending. It's very extensive, but it's not as much as the two-thirds. There we did, out of that bill, we got a cap on it so that they cannot spend more than provided under the budget, which is something that's quite different. But to go with a tax increase, I think, was a mistake. And since then I have vetoed bill after bill, and I'm going to keep on vetoing, but with a new Congress I believe we can do much better. Campaign Advertising”