Clinton Urges Trade, Shrinking U.S. Debt; President Airs Beliefs on Sustaining Boom
President Clinton, in a wide-ranging defense of his economic policy, urged the nation today to continue shrinking the federal debt and seeking new trade opportunities to keep the economy strong.</br></br>In what the White House billed as a "major economic speech," the president rejected criticisms of his fiscal strategy--which has largely focused on deficit reduction--from the political left and right. Noting that some liberals want him to spend more heavily on social issues and some conservatives want deeper tax cuts, Clinton said, "You can't forget what got you here."</br></br>Clinton said the government also must continue to encourage the growth of information technologies and to close the "digital divide" that keeps many from sharing the benefits of computerization and the Internet. And he renewed his call for China's membership in the World Trade Organization, which some labor and environmental groups oppose.</br></br>The federal debt reduction that has occurred under his watch "set in motion a virtuous cycle" that lowered interest rates and made it easier for businesses to expand and for families to pay off loans for cars, houses and college educations, Clinton told an audience at the University of Pennsylvania. His 44-minute address was the first in an annual lecture series founded by entrepreneur and Clinton political supporter Michael Granoff.</br></br>The president said he will convene "a major White House conference" on the economy on April 5. It will include several economists, corporate executives and others to "focus on the most cutting-edge issues facing the new economy," an administration briefing paper said.