Clinton Administration Sets Economic Agenda
`Rebuild America,' health care, and worker training key plans
IN the first 100 days of his administration, President-elect Bill Clinton will set out to accomplish what many experts regard as a contradiction in terms: the design of a short-term economic growth package accompanied by a deficit-containment plan to control and ultimately reduce Uncle Sam's debt.
The centerpiece of Mr. Clinton's plan to regenerate the sluggish United States economy is to increase by $20 billion a year government spending on transportation, communications networks, and new technologies to help provide the jobs he has pledged the nation's unemployed. (Clinton names transition team, Page 9.)
This "Rebuild America" infrastructure program, as well as worker training and health-care reform will top the Arkansas Democrat's priorities when he reaches Washington in January. Clinton must submit his budget 11 days after he is inaugurated.
To succeed, Clinton has been enlisting business support. While he will push for an investment tax credit and other ways to stimulate the private sector, Clinton also expects American business - from small firms to major corporations - to help government foot the bill for many of his plans.
Government will initially increase its spending and decrease its tax revenues, and Clinton is trying to allay Wall Street's concern that Democratic government is synonymous with fiscal irresponsibility. "Change," he promises, will not mean instability.
Senate majority leader George Mitchell (D) of Maine, pleased to have a Democratic leader at the other end of Pennsylvania Avenue, heralds Clinton's arrival as the "new Democrat." Congressional Democrats and Clinton will work together "to make the [economic] pie grow rather than see it equally distributed," he says.