Lamar Smith: “2 days ago the Washington Post carried a story that read: ``White House Wonders Why Interest Rates Keep Rising.'' If…”

“2 days ago the Washington Post carried a story that read: ``White House Wonders Why Interest Rates Keep Rising.'' If this is true, then someone needs to buy the White House a mirror. During the 1992 campaign, the Clinton team had a slogan. It had been: ``It's the Economy, Stupid,'' but since entering office has been the stupid spending. The only things this administration has cut are either painted camoflage or salute. Last year President Clinton's budget deal was 3 to 1 tax increases to spending cuts. Not only can the President not bring himself to cut spending, but he opposes anyone else trying to do so as well. He has opposed Republican attempts to cut spending in each of the last 2 years. He opposed the Penny-Kasich amendment last November, opposed a bipartisan balanced budget amendment this year, and is opposing the A to Z spending cut plan today. With this kind of record, it is no wonder the Federal Reserve feels it had to do what the administration will not.”