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The two men were never close. And O'Neill was not amused when Mr. Bush began calling him "The Big O." He thought the president's habit of giving people nicknames was a form of bullying. Everything came to a head for O'Neill at a November 2002 meeting at the White House of the economic team.
"It's a huge meeting. You got Dick Cheney from the, you know, secure location on the video. The President is there," says Suskind, who was given a nearly verbatim transcript by someone who attended the meeting.
He says everyone expected Mr. Bush to rubber stamp the plan under discussion: a big new tax cut. But, according to Suskind, the president was perhaps having second thoughts about cutting taxes again, and was uncharacteristically engaged.
"He asks, 'Haven't we already given money to rich people? This second tax cut's gonna do it again,'" says Suskind.
"He says, 'Didn't we already, why are we doing it again?'" Now, his advisers, they say, 'Well Mr. President, the upper class, they're the entrepreneurs. That's the standard response.' And the president kind of goes, 'OK.' That's their response. And then, he comes back to it again. 'Well, shouldn't we be giving money to the middle, won't people be able to say, 'You did it once, and then you did it twice, and what was it good for?'"
But according to the transcript, White House political advisor Karl Rove jumped in.
"Karl Rove is saying to the president, a kind of mantra. 'Stick to principle. Stick to principle.' He says it over and over again," says Suskind. "Don't waver."
In the end, the president didn't. And nine days after that meeting in which O'Neill made it clear he could not publicly support another tax cut, the vice president called and asked him to resign.
With the deficit now climbing towards $400 billion, O'Neill maintains he was in the right.
But look at the economy today.
"Yes, well, in the last quarter the growth rate was 8.2 percent. It was terrific," says O'Neill. "I think the tax cut made a difference. But without the tax cut, we would have had 6 percent real growth, and the prospect of dealing with transformation of Social Security and fundamentally fixing the tax system. And to me, those were compelling competitors for, against more tax cuts."
While in the book O'Neill comes off as constantly appalled at Mr. Bush, he was surprised when Stahl told him she found his portrait of the president unflattering.
"Hmmm, you really think so," asks O'Neill, who says he isn't joking. "Well, I'll be darned."
"You're giving me the impression that you're just going to be stunned if they attack you for this book," says Stahl to O'Neill. "And they're going to say, I predict, you know, it's sour grapes. He's getting back because he was fired."
"I will be really disappointed if they react that way because I think they'll be hard put to," says O'Neill.
Is he prepared for it?
"Well, I don't think I need to be because I can't imagine that I'm going to be attacked for telling the truth," says O'Neill. "Why would I be attacked for telling the truth?"
White House spokesman Scott McClellan was asked about the book on Friday and said "The president is someone that leads and acts decisively on our biggest priorities and that is exactly what he'll continue to do."
Published on Sunday, January 11, 2004 by CBS News
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