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In a taped interview aired on " Closing Bell ," the still-popular 42nd president called the current economicconditions a " recession " and said overzealous Republican plans to cut the deficit threatento plunge the country further into the debt abyss. (Clinton'soffice released a statement after the interview). "What I think we need to do is find some way to avoid the fiscal cliff , to avoid doing anything that would contract the economy now, andthen deal with what's necessary in the long term debt-reductionplans as soon as they can, which presumably would be after theelection," Clinton said. "They will probably have to put everything off until early nextyear," he added. "That's probably the best thing to do right now.But the Republicans don't want to do that unless he agrees toextend the tax cuts permanently, including for upper income people,and I don't think the president should do that." However, Clinton did say that Congress would be best off agreeing,at least for the time being, to extend all the tax cuts that areset to expire at the end of the year, including the so-called Bushtax cuts named after Clinton's successor, George W. Bush. Those across-the-board cuts have been criticized by Democrats whosay they were skewed toward upper-income earners. To counter the cuts, President Obama proposed the Buffett Rule which was ultimately defeated thatwould have imposed a surtax on millionaires. On tax questions in general, Clinton said it's reasonable to expecttop earners to pay more and he defended the current tax structure,which he said wouldn't look so bad if the economy was doing better. "They're still pretty low, the government spending levels. But Ithink they look high because there's a recession," he said. "So thetaxes look lower than they really would be if we had two and halfor 3 percent growth and spending is higher than it would be if wehad two and a half or 3 percent growth, because there are so manypeople getting food stamps, so many people getting unemployment, somany people on Medicaid." In the midst of a heated re-election campaign , Obama has faced a barrage of bad news lately, from anemic jobgrowth and an increase in the unemployment rate to weak factory and housing activity. First-quarter gross domestic growth registered a meager 1.9 percent. Like the current Oval Office resident, Clinton blamed much of theeconomic damage on the sovereign debt crisis "this European thing that's having a bigger impact than peopleknow" as well as politics, saying, "The thing that cost jobshere has been the Congress's policies.". I am an expert from digital-torque-wrench.com, while we provides the quality product, such as China Torque Screwdriver , China Mechanical Torque Wrench, Preset Torque Wrench,and more.
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