MTP Deconstruction: CEO Bush maxing out the nation's credit cards [View All]

[Taeger]

CEO Bush maxing out the nation’s credit cards


Russert: But your base conservatives and listen to Rush Limbaugh, the Heritage Foundation, CATO Institute, they're all saying you are the biggest spender in American history.

President Bush: Well, they're wrong.

Russert: Mr. President
President Bush: If you look at the appropriations bills that were passed under my watch, in the last year of President Clinton, discretionary spending was up 15 percent, and ours have steadily declined.

And the other thing that I think it's important for people who watch the expenditures side of the equation is to understand we are at war, Tim, and any time you commit your troops into harm's way, they must have the best equipment, the best training, and the best possible pay. That's where we owe it to their loved ones.

Russert: That's a very important point. Every president since the Civil War who has gone to war has raised taxes, not cut them.

President Bush: Yeah.

Russert: Raised to pay for it. Why not say, I will not cut taxes any more until we have balanced the budget? If our situation is so precious and delicate because of the war, why do you keep cutting taxes and draining money from the treasury?

President Bush: Well, because I believe that the best way to stimulate economic growth is to let people keep more of their own money. And I believe that if you raise taxes as the economy is beginning to recover from really tough times, you will slow down economic growth. You will make it harder.

See, I'm more worried about the fellow looking for the job. That's what I'm worried about. I want people working. I want people to find work. And so, when we stimulate the economy, it's more likely that person is going to find work. And the best way to stimulate the economy is not to raise taxes but to hold the low taxes down.

Russert: How about no more tax cuts until the budget is balanced?

President Bush: Well, that's a hypothetical question which I can't answer to you because I don't know how strong the economy is going to be.

I mean, the President must keep all options on the table, but I do know that raising the child lowering the child credit thereby raising taxes on working families does not make sense when the economy is recovering, and that's exactly what some of them are calling for up on Capitol Hill. They want to raise taxes of the families with children, they want to increase the marriage penalty. They want to get rid of those taxes on small businesses that are encouraging the stimulation of new job creation, and I'm not going to have any of it.

Russert: We are going to take another quick break. We will be right back with more of our conversation with the President in the Oval Office, right after this.

(Commercial)




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