[Congressional Record Volume 140, Number 91 (Thursday, July 14, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: July 14, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                  THE CLINTON ECONOMIC PLAN IS WORKING

  (Mr. MILLER of California asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. MILLER of California. Mr. Speaker and Members of the House, 1\1/
2\ years ago, President Clinton stood before this House and said that 
we had some tough decisions as a Nation to make. The most difficult one 
was to get a handle on the deficit that was soaring out of control, and 
it has soared out of control for the past 12 years.
  He asked the Congress of the United States to join him in an effort 
to reduce the deficit by over $500 billion over the next 5 years. We 
made the decision to support his economic plan. Unfortunately, the 
Republicans would not join in that effort.
  But that plan is now in place, and we are starting to see the 
results, and they far exceed what anybody had anticipated, with lower 
inflation and greater job growth, with the fact that the deficit 
reduction now may almost approach $700 billion in that same 5 years.
  We have taken the deficit premium out of the interest rates. People 
once again can afford mortgages. The affordability of houses is greater 
for the American family now than at any time in 20 years. Businesses 
have been able to refinance their debt, to pay off debt and to start 
reinvesting in job-creation investments within our communities. We 
start to see the homebuilding industry again come alive as people start 
to look for new homes. As people have been able to refinance their 
homes and to pay off debt, we see that again consumer confidence is at 
an all-time high.
  The fact is that the Clinton economic plan is working, and it is 
working for America. America's families and America's businesses are 
reaping the benefits of the decisions that were made in this Congress 
to support the President's economic plan. We have to stick with that 
plan. We have to encourage it, and we have to get the country to 
understand the difficulties of those reductions, but the benefits that 
they have given to the country.

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