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The White House

Office of the Press Secretary

For Immediate Release June 8, 1993

Statement by the Press Secretary

In the briefing today, I did not mean to imply that in his meeting with the President last night, the chairman of the Federal Reserve Board in any way endorsed the President's economic package now before Congress.

The chairman told the president that in his view, it is essential that the deficit be brought down. Chairman Greenspan also said the president's economic initiative had set into motion a process that he feels reasonably assured will in the end lead to significant deficit reductions. He went on to say that passage by the Congress of any credible deficit-reduction plan would help to keep long-term interest rates low. It is the chairman's belief that the process underway has been a significant factor in bringing long-term interest rates down in recent months.