WASHINGTON (AP) _ President Clinton said today that Republican tax cuts amount to ``fiscal risk-taking'' that would squander hard-won economic prosperity.

As the House prepared to vote on a $792 billion tax cut, the president said in a East Room news conference that he supports tax cuts but only ones that allow for spending on education, national defense and health care. Americans want ``tax cuts in the national interest, not special interests,'' he said.

``If Congress passes the wrong kind (of tax cut), of course I will not sign it,'' he said. ``I will not allow a risky plan to become law.''

In a wide-ranging news conference, his second in two months, Clinton repeated that the United States favors a one-China policy and said he was confident that China and Taiwan could resolve their differences peacefully.

``This is something we don't want to see escalate,'' Clinton said.

A crisis in the region was triggered when Taiwan's president, Lee Teng-hui, asserted that Taiwan and China are two states. He called the pronouncement a necessary step to prepare the capitalist island for talks on eventual reunification with the communist mainland.

The Taiwanese moved today to soften its statement and defuse the crisis.

Saying he would view greater conflict in the region with ``the gravest concern,'' Clinton said, ``I believe the pillars (of U.S. policy) are still the right ones.''