Bridge to the 21st CenturyThe Clinton and Bush II yearsPresident Clinton nonetheless accepted the argument that open trade was ultimately beneficial to all parties because it would lead to a greater flow of more efficiently produced goods and services. His administration not only submitted NAFTA to the Senate, it also backed the establishment of a greatly liberalized international trading system to be administered by the World Trade Organization (WTO). After a vigorous debate, Congress approved NAFTA in 1993. It would approve membership in the WTO a year later.Although Clinton had talked about a “middle class tax cut” during the presidential campaign, he submitted to Congress a budget calling for a general tax increase. It originally included a wide tax on energy consumption designed to promote conservation, but that was quickly replaced by a nominal increase in the federal gasoline tax. It also
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President Clinton, liberalized international trading, middle class tax, general tax increase., federal gasoline tax.