CLINTON PROPOSES GROWTH DEBATE.Byline: Terence Hunt Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. President Clinton called Thursday night for a national debate on whether the American economy could grow faster, suggesting for the first time publicly that the Federal Reserve has been too stringent. Clinton said he had hoped that New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of financier Felix Rohatyn Felix George Rohatyn (born May 29, 1928 in Vienna, Austria) is an American businessman and investment banker and has also served in public service. He is divorced from his first wife with whom he had three children, and has since become married to Elizabeth Fly Rohatyn. would lead that debate. He said that was the reason he wanted to nominate nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. Rohatyn, the architect of New York City's financial rescue in the mid-1970s, as the Fed's vice chairman. Addressing a $1,000-a-plate political fund-raising fund-raising, large-scale soliciting of voluntary contributions, especially in the United States. Fund-raising is widely undertaken by charitable organizations, educational institutions, and political groups to acquire sufficient funds to support their activities. dinner, Clinton denounced Republicans for their "outrageous political treatment" of Rohatyn, who withdrew his name from consideration Tuesday in the face of GOP opposition. "One clear area where we ought to debate is whether the conventional wisdom of about how fast this economy can grow is right," Clinton said. "That ought to be debated." Clinton said the economic debate should be framed by a commitment to deficit reduction and the prevention of a return to the skyrocketing inflation of the 1970s. "Nobody, but nobody, knows for sure that this economy can't grow any faster in the information age (than) it did between 1970 and 1995" Clinton said. "It ought to be debated within a commitment not to let inflation get out of hand." Clinton made the remarks after a lengthy private discussion with Rohatyn, said White House spokesman Mike McCurry. And at the dinner, Rohatyn stood to a round of applause when Clinton called out his name. The president offered no specific criticism of Fed policy or Chairman Alan Greenspan Alan Greenspan Dr. Greenspan is Chairman of the Board of Governors of the Federal Reserve System. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee (FOMC), the Fed's principal monetary policymaking body. , a Republican whom Clinton is expected to nominate to a third four-year term in the near future. |
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