Washington, DC (Dec 10) – President Obama called on former President Clinton today to discuss the current White House backed Republican Tax Extenders Bill. President Clinton stated, “in my opinion, this is a good bill” as he reached out to fellow Democrats in support of the bill.
In his opening statement to the press President Clinton gave full disclosure that he would in fact benefit from the tax bill however, he felt this was a good deal stating, “[sic]… This is the best bipartisan agreement we can reach to help a large number of Americans and to maximize the chances the economic recovery will accelerate and create more jobs.”
Speaking on the economic situation President Clinton referenced that banks need to accelerate their lending as most institutions are holding back on lending the nearly $2 trillion dollars in corporate holdings. Clinton commented that for every dollar in reserve banks are holding on to, they can lend at a rate of ten to one injecting nearly $20 trillion into the economy.
In an effort to encourage lending to small businesses and entrepreneurship, “I would go as far as to do it bank by bank by bank so that everyone knows exactly what they have to do, exactly how much it costs, and how quickly this can be resolved.”
In an attempt to accelerate lending he added, “ [sic]… then it is important to make sure the committee banks and their borrowers understand where the small business of America are and where the manufacturers are with the various loan guarantees and credits and deductions that are available…”
The former President looked at home at the Podium as President Obama excused himself from the news conference to catch up with his wife that was attending a Christmas Party.
It was actually very comforting to all to see the former President that resided over the best economic times in modern history of this country to take questions and explain the position the current administration is undertaking to keep the economy “crawling out of this hole.”
In consideration of the unemployment situation that is, ensuring that unemployment extension payments kept flowing to as many unemployed American workers as possible, President Clinton admitted that this was the only real solution. Clinton commented that had the economy been witnessing a steady 3 to 5 percent growth than, the tables would have been turned on the Republicans that could have led to a showdown on the unemployment extension program.
President Clinton also commented on the START Treaty, and how important it was for the Senate to ratify the agreement. The former President stated that during his administration, the Russians held up the ratification on their end, and overall the reductions in arms would economically benefit both sides by reducing the overhead in maintenance, and manufacturing of nuclear weapons.
Overall, it was a warm and very informative Press Conference as the former President appeared very much at home at the podium once again.
Jim Alexander – WorldNewsVine