CNBC Press Releases

BARTIROMO: So were the rate cuts enough or would you think to encourage more?

Pres. BUSH: Well, I knew you would try to suck me into the dialogue of monetary policy but you know full well that the Federal Reserve is independent from the president. I never send Ben Bernanke instructions, he doesn't expect me to send him instructions, nor do I publicly comment on what I would like to see done or monetary policy. I can talk about fiscal policy all day long and that is we will keep taxes low and make sure Congress doesn't overspend the people's money.

BARTIROMO: Let's talk about that in particular, the health care coverage. You vetoed a plan last week to expand health care coverage for millions of low income children. Why?

Pres. BUSH: First of all, the Democrats are misleading people when they say this is a plan to expand health care to millions of low income children. The plan that I vetoed would have expanded health care coverage to families making up to 80 something thousand dollars, in some cases. And--which would have meant people would have been moving from private insurance to public care. And I don't think that's good. I do support a program that helps poor children. But the program that I vetoed expanded health care, government health care.

By the way, just so you know some of the facts I think will interest you. About a half million poor children under the program as it exists today don't get coverage. And so my first call to Congress is let's make sure they get coverage. Secondly, in some states, like six or seven states, the states use the money aimed for poor children, they spend more money on adults than they do on children. So my call to Congress was it you're truly for poor children, like I am, let's make sure the program answers that need, and let's not expand the federal role in health care.

See, I believe that for some members, this was an important step toward the federalization of health care. Really fine people believe that the best health care policy is when the federal government runs it. I believe the best health care policy is to take care of those who can't help themselves, like poor children, and encouraged those...(unintelligible)...in the private sector. I'm for private medicine. I want decisions to be--being made between doctor and patient, not between people here in Washington, DC. And so the--I'm vetoing the bill, working hard to see that it's not overridden, the veto's sustained, and then I'll be willing to work with the Democrats to focus the program on poor children.

BARTIROMO: One Democrat and I do admit this was a Democrat, say look, all of a sudden you found fiscal discipline now and you veto this, but how come you signed the Farm Bill, you signed the Highway Bill and others, passed by Republican Congresses that substantially exceeded your initial target?

Pres. BUSH: Well, I would remind that person that over the course of my presidency, we have been able to reduce the federal deficit substantially. As I told you, it's down to 1.2 percent of GDP, which is historically low, very low. And I was able to do so working with the Congress, and at the same time, fight a war and make sure our kids had the support and troops--equipment they needed. And kept taxes low. In other words, the fiscal policy of low taxes and setting fiscal priorities here in Washington has worked. And we're on our way to balancing this budget and it's going to be very important for Congress not to overspend nor raise taxes.

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