WOLF BLITZER: At this time of holiday purchases, Christmas shopping, people going to a Wal-Mart and other stores, they see a lot of products made in China. The deficit, the trade deficit, with China this year is projected to be at $200 billion.
In other words, they're going to export to this country $200 billion more than we export to China. And that number has been escalating over these years. Is that good for the U.S. economy?
JOSH BOLTEN, WHITE HOUSE BUDGET DIRECTOR: Well, trade overall is absolutely good for the U.S. economy. Keep in mind, Wolf, that the United States is the world's largest exporter. We have a lot of jobs tied up in that. We have a lot of revenue tied up in that.
To the extent that we can import as well, the U.S. consumer gets access and U.S. businesses get access to low priced goods that help us be competitive in the long run. There's no question in my mind and in the minds of everybody in this administration that keeping an open trading system is crucial to sustaining the growth in this economy over the long run.
BLITZER: Josh Bolten, we'll leave it there. Thanks very much for joining us.
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