CLINTON SAYS GOP'S TAX CUT WOULD PUT ECONOMY AT `RISK'.

Byline: Lawrence L. Knutson Associated Press 

Shedding his self-imposed restraint, President Clinton launched a full-bore attack on Bob Dole's $550 billion tax-cut plan Saturday, calling it an ``indiscriminate'' and reckless proposal likely to hurt the economy.

Clinton, who is ending his weeklong vacation in the shadow of the Grand Teton mountains, maintained a resolute silence during the Republican National Convention in San Diego.

But he reclaimed his voice in his weekly radio address, contending that the Dole plan would wreck the chances for a balanced budget, impose unacceptable cuts in Medicare, Medicaid, education and the environment, raise interest rates and place the economy at risk.

In contrast, the president said his own more modest plan for a targeted $110 billion tax cut would permit the budget to be balanced by 2002 and keep the economy healthy while protecting Medicare and Medicaid and investing in education and the environment.

Shortly after the president spoke, the Clinton-Gore campaign released a tough new ad saying that without Clinton in the Oval Office, the Republicans could and would slash and eliminate vital government programs.

The escalated radio address and the release of the ad were the clearest signs yet that candidate Clinton had begun his re-election campaign in earnest.

The Dole-Kemp campaign responded quickly.

``It's no surprise that a man who levied the largest tax increase in history would find fault with a plan that puts more money into the hands of Americans,'' said spokeswoman Christina Martin. ``Bill Clinton may think tax cuts are irresponsible but Bob Dole knows tax cuts are key to giving American families control of their money, their lives and their dreams.''

In the radio address, Clinton said it is clear Americans do deserve a tax cut.

``But we must choose between a tax cut that responsibly balances the budget and one that puts the economy at risk; between one that is targeted to help working families pay for education, health care and other pressing needs, and one that is indiscriminate,'' he said.

Clinton said the worst possibility is that the Dole plan might not be fully paid for through cuts in government programs, ``bringing back those bad old days of out-of-control interest deficits, high interest rates, slow growth or recession.''

Clinton's attack was his harshest and most comprehensive to date. Last week in California he had used a gentler approach, comparing the Dole tax plan to ``going to the candy store'' and choosing a little of everything. ``Eat it all at once and you might get sick,'' he said then.

Clinton contended that under his plan, millions of middle-class families with children in college, or with adults in educational programs, would get a bigger tax cut than under the Dole plan.

``And my tax cut is paid for with specific, tough budget cuts consistent with the balanced budget plan,'' Clinton said. ``Our opponents haven't said how they'll pay for their tax cut yet.''

Using the power of incumbency, President Clinton plans to fill the period between Republican and Democratic conventions doing something rival Bob Dole cannot: Sign popular bills into law.

In Jackson Hole, Clinton presided over an agreement to prevent what he said was environmentally dangerous gold mining just outside the borders of Yellowstone National Park. The nation's first national park is ``more precious than gold,'' the president said.

The next day he signed legislation beneficial to the oil and gas industry, saying it would encourage domestic petroleum production.

Though the legislation passed a Republican Congress, the president will bask in the stature of his office next week and seek credit for a minimum wage increase, health care improvements and massive welfare overhaul.

Preliminary plans put the minimum wage bill on Clinton's desk Tuesday, followed by health care Wednesday. The welfare bill, which has yet to be sent to the White House, should be ready by Friday, administration and congressional officials say.

Aides are working this weekend to prepare splashy signing ceremonies. They hope to take advantage of a Washington truism: Congress passes bills; presidents take credit for them.

Vying for their share of the kudos, Republicans noted that none of the measures passed Congress when Clinton's party controlled it.

Immediately after the bills passed, Clinton told reporters that the measures ``were plainly Democratic initiatives'' and compared their passage to ``pulling teeth - right here before the election.''

``It's only come after the American people showed that they were bitterly opposed to the extremism that was the wont of the Congress,'' Clinton insisted.

Aides say they are advising him against taking such a partisan stance next week. It's not needed, they argue, when surrogates will stand in line at his Chicago convention to give Clinton credit.

Senior advisers, speaking on condition of anonymity, said they would rather Clinton commend Congress for the bipartisan efforts.

``What the American people want to see is the president and Congress getting things done,'' said Press Secretary Mike McCurry.

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Photo: Shedding his silence after the Republican National C onvention on Saturday, President Clinton launches an attack from Wyoming on the GOP tax plan.

Associated Press