CNN’s Piers Morgan sat down with former president Bill Clinton on Tuesday. When asked what advice he’d have for Mitt Romney, Clinton replied that it is “crucial” for Romney to perform well in upcoming debates, and noted that he has to be careful about doubling down on his “47 percent” remark.

“We now know that the overwhelming number of those people work and have children,” Clinton explained, “and the reason they don’t pay federal income taxes is their median income is as low as it was in 1995 now, and until the current election season, Republicans and Democrats supported both the child tax credit and the earned income tax credit. I doubled the earned income tax credit, but it was signed under a Republican president, Reagan supported it We started the child tax credit with the strong support of the Republicans in Congress, and president bush doubled that, then president obama and the democratic congress increased the earned income tax credit for families of more than three children. So you had — this is a rejection of, basically, more than three decades of bipartisan policy to support working family. It’s not a bunch of freeloaders.”

When asked if he felt Romney was “principled,” Clinton responded that “that’s not the issue to me,” adding that “I think he’s principled in the sense that he will keep the commitments that he has made.”

Morgan then asked how it is that Obama has been able to avoid facing “public retribution” for not doing a better job with the economy, with Clinton responding that there was only so much that could be done within four years’ time.

Watch, via CNN:

And here’s Clinton discussing term limits — including a fun fact about Arkansas:

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