Bill Clinton: Obama's Approach To The Deficit Is "A Little Confusing"
Fmr. President Bill Clinton in an interview with Newsmax (relevant part near 8-minute mark in the video): â€œIn the speech that the president gave to Congress, he didnâ€™t propose any new taxes. The speech was $250 billion in tax cuts, $250 billion in spending over a period of two to three years. It focused mostly on a rather innovative set of payroll tax cuts and incentives to hire people.
â€œI personally donâ€™t believe we ought to be raising taxes or cutting spending until we get this economy off the ground. If we cut government spending, which I normally would be very inclined to do when the deficitâ€™s this big, with interest rates already near zero you canâ€™t get the benefits out of it.
â€œSo what Iâ€™d like to see them do is come up with a bipartisan approach, starting with the payroll tax cuts because they have the biggest return."