Clinton, Bush View Economy Quite Differently
JOIE CHEN, CNN ANCHOR: First, then, the optimism of the Clinton administration and the economic warnings from the next resident of the White House. For that, we go to CNN's Eileen O'Connor -- Eileen.</s>EILEEN O'CONNOR, CNN CORRESPONDENT: Well, Joie, the president said in his report and to reporters earlier today, that he is leaving office with an economy in much better shape than the one in which -- where he found it at. He cited low unemployment figures, he cited job-rate growth, he also cited the growth rates throughout the last eight years -- he said that it was incredible growth rates. Basically, this report says that that growth rate is contributed -- was contributed to by the emergence of a new economy. And this was the convergence of advances in computer hardware, software, also in the telecommunications industry; all of these advances enabling businesses to cut their costs and increase their productivity which, basically led to these increased growth rates. But the president also said that it was fiscal restraint -- it was lowering the budget and it was also the surpluses and using those surpluses to pay down the debt, allowing interest rates to be lower. That kind of fiscal restraint that kept this growth sustainable throughout the eight years. And so he says, while he does not oppose tax cuts, he does warn against increasing spending while cutting taxes.</s>WILLIAM J. CLINTON, PRESIDENT OF THE UNITED STATES: I think we're in good shape; I think I'm leaving with all options open. And the only cautionary point I want to make is I think that the combined impact of spending and tax cuts, I would hope, would not be such as to prevent us from continuing to pay down this debt so we can keep interest rates low and the economy strong over the long run.</s>O'CONNOR: The president would not comment on his successor's forecast that the economy is in a downturn, and also the fact that George W. Bush says that this slowdown -- after the slowdown, the question really is how soft a landing will it be? His spokesman, Ari Fleischer:</s>ARI FLEISCHER, WHITE HOUSE PRESS SECRETARY-DESIGNATE: His concern is unabated; it's the same as he's articulated for several months now, that Secretary Cheney, Vice President-elect Cheney articulated: that the economy is clearly weakening. It's a question of how far and how long, and it is a concern, and not only of his, obviously -- of people in both parties and in the private sector as well.</s>O'CONNOR: President Clinton says the growth rate of the past few years was clearly unsustainable and, although there is a slowdown in the rate of growth, the economy is still growing at a robust rate -- Joie.</s>CHEN: Eileen, is anybody attempting to explain this disconnect between the views of the two administrations?</s>O'CONNOR: Well, what a lot of analysts say is that the Bush administration is doing the usual buy low, sell high; basically, they're talking down expectations as they come into office so that, if there is a downturn, if there are problems with the economy, they won't get all of the blame. And as you know, Joie, the president-elect campaigned on a huge tax cut. And he wants to sell that tax cut to Congress; and he believes that, by talking about the slowing economy and the use of tax cuts for a stimulus, he will be able to sell that tax cut on Capitol Hill -- Joie.</s>CHEN: CNN's Eileen O'Connor for us at the White House this afternoon.