SONIA RUSELER, CNN ANCHOR: Now in his last year in office, President Clinton is preparing today to deliver what will be his last State of the Union address. CNN's White House correspondent Chris Black joins us now with a preview of tonight's speech. Chris?</s>CHRIS BLACK, CNN WHITE HOUSE CORRESPONDENT: Hello, Sonia. Tonight President Clinton will propose $350 billion in new tax cuts that are aimed at encouraging Americans to save for retirement, give money to charity, and afford child care. He will also propose a reduction in the so-called "marriage penalty." White House officials briefed reporters on this proposal this morning, and they said that the net cost to Treasury will only be $250 billion dollars over the next 10 years because the president will also be proposing tax increases, those increases are in the form of closing tax loopholes on corporations, eliminating tax havens, and raising taxes on the tobacco companies. A year ago at this time, President Clinton was being tried on impeachment charges by the United States Senate. Yesterday, in an interview with public television's Jim Lehrer, the president looked back.</s>WILLIAM J. CLINTON, PRESIDENT OF THE UNITED STATES: The thing I regret most, except for doing the wrong thing, is misleading the American people about it. I do not regret the fact that I fought the independent counsel and what they did was, in that case and generally, was completely overboard.</s>BLACK: The president is beginning this year, his final year in office, in a position of renewed political strength. His own internal polls show that his job approval rating with the public is at an all- time high. Chris Black, CNN, reporting live from the White House.
State of the Union: President Clinton to Propose $350B in New Tax Cuts