    [Public Papers of the Presidents of the United States: William J. Clinton (1993, Book I)]
    [June 19, 1993]
    [Pages 884-885]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    June 19, 1993

        Good morning. For 5 months I've been fighting hard for a national
    economic strategy to build prosperity for all our people. And now
    America's on the move.
        Just this week we scored several significant victories for the
    American people in the Congress. The Senate passed a campaign finance
    reform bill that limits the influence of special interests and their
    money in our lawmaking, and in our campaigns. Congressional committees
    have adopted my plan to make college loans available to all students at
    lower interest rates and better repayment terms and to make it possible
    for tens of thousands of them to pay off those loans through national
    service to their communities. Most important is the remarkable progress
    being made on the economic plan to increase growth, jobs, and incomes
    through bold deficit reduction. Last month the House of Representatives
    acted courageously to pass this plan, and now the path has been cleared
    for action by the Senate because the plan has passed out of the Senate
    Finance Committee.
        Make no mistake about it, Washington is finally moving to put our
    economic house in order. If we want to get the economy back on track,
    Congress must pass this plan. It's necessary, fair, and it'll work.
        When I first presented this growth plan back in February, the
    financial markets took it seriously, and we saw real improvements in
    economic fundamentals, like interest rates. We now have the lowest long-
    term interest rates in 20 years. Mortgage rates are at a 20-year low,
    and now middle class homeowners are refinancing their mortgages, and
    some are receiving more than $2,000 in annual savings when they do.
    Housing sales are at a 7-year high, and employment in the construction
    industry is up 130,000 people in just the last 4 months. That's the
    largest increase in 9 years. Inflation is stable, and more than three-
    quarters of a million new jobs have been added to the economy in the
    first 4 months of our administration. Ninety percent of them are in the
    private sector. And unemployment is finally below 7 percent for the
    first time in a year and a half.
        What explains these optimistic signs? For the first time in many
    years, we're making tough choices. Our plan makes historic cuts in
    Federal spending, $250 billion in spending cuts in more than 200
    specific programs. We cut virtually every part of the domestic, defense,
    and foreign aid budgets, including agriculture, veterans, Federal
    retirement and compensation plans, Medicare, not because we want to but
    because we have to and because it's the right thing to do.
        Because our program is balanced and fair, it also raises taxes to
    avoid unfair cuts that will damage the elderly, the working poor, and
    other vulnerable people in our country. But unlike the 1980's, when the
    rich paid less and the middle class paid more, we're asking the wealthy
    to pay their fair share to give the middle class a fair shake. Seventy-
    five percent of the taxes are paid by those in the upper 6 percent of
    income brackets, those who exceed $100,000 in annual income. Two-thirds
    of these taxes are paid by individuals whose incomes exceed $200,000.
    Under this plan, the very wealthiest Americans will pay an additional
    $1,900 a month, while middle income families will pay only $17 more a
    month by 1998 and much, much less between now and then.
        If you're keeping score, this is how the program works: For every
    $10 in deficit reduction, we cut $5 in spending, raise $3.75 in taxes
    from the wealthiest Americans, and ask the middle class for $1.25. Let
    me say that again: For every $10 in savings, we cut $5 of spending, ask
    the wealthiest Americans for $3.75, and the middle

    [[Page 885]]

    class for $1.25. This cuts the deficit by $500 billion with all the
    savings locked up in a trust fund. And unlike some plans, we don't cut
    the cost-of-living adjustment for Social Security recipients.
        Most importantly, if we pass this plan, there will be a big payoff
    down the road for Americans who work hard and play by the rules. A lower
    deficit and a healthier economy means more jobs, lower interest rates,
    more opportunity, and more rewards for your hard work. That's why I'm
    fighting for this change.
        But let's face it, change is hard, and some people do fine with
    gridlock instead of growth. And nobody likes to make the tough
    decisions. There are thousands of lobbyists here in Washington who
    oppose the plan, hoping to force hard-pressed Americans to pay more or
    give up more so their powerful clients can pay less. Some of the Senate
    opponents fight the plan because it really raises taxes more on wealthy
    Americans than they think we should. And some of our adversaries, they
    don't even have an alternative. They're just playing politics with your
    economic future, screaming old slogans like ``tax and spend'' even
    though they helped to run our debt from $1 trillion to $4 trillion over
    the last 12 years and helped to bring about a $300 billion annual
    deficit that I found when I moved to Washington to go to work for the
    first time back in January. The stakes are just too big to play
    political games. If our growth plan gets caught in a web spun of
    gridlock and greed, this historic moment for America to get its fiscal
    house in order could slip away. You and I can't let that happen.
        If Senators are going to oppose my growth plan, they ought to answer
    these questions: What programs would you cut more deeply? We've already
    cut more than 100 programs more than $100 million each. Where are your
    tough choices? Will you ask the wealthy to pay their fair share, or will
    you put a higher burden on the middle class? Do you have a real,
    comprehensive plan to reduce the deficit by $500 billion? Maybe our
    opponents should listen to Ted Turner's advice: Lead, follow, or get out
    of the way.
        It's time to get America moving again. People don't want 4 more
    years or 4 more months or 4 more days of politicians telling them what
    they want to hear while all our problems get worse. It's time instead to
    make a permanent commitment to a growing economy that produces jobs and
    a higher standard of living for our people. That's what we're doing.
        Where once there was too much spending, there's now a plan with real
    and deep spending cuts. Where once there were no investments in our
    people, there's now a plan for college loans, job training and national
    service, Head Start, and new technologies for those who are losing their
    jobs due to defense cutbacks. Where once there were tax breaks for the
    wealthy and tax hikes for the middle class, now there's a plan for tax
    fairness for all Americans.
        Working together, we're making America work again and helping this
    economy to create jobs again. And soon, if we stay together, we'll make
    it more prosperous for ourselves and for our children.
        Thanks for listening.

    Note: This address was recorded at 6:45 p.m. on June 18 in the Roosevelt
    Room at the White House for broadcast at 10:06 a.m. on June 19.