    [Public Papers of the Presidents of the United States: William J. Clinton (1993, Book I)]
    [June 25, 1993]
    [Page 931]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Senate Action on the Economic Program
    June 25, 1993

        Tonight the Senate voted for growth over gridlock by passing our
    plan to cut deficit spending by $500 billion and lock the savings in a
    deficit reduction trust fund. By rejecting both the trickle-down
    economics of the 1980's and the tax-and-spend policies of the past, the
    Senate sent a strong signal to middle class Americans that Washington
    can work to create jobs, increase incomes, and spur economic growth.
        When this debate began, I challenged the Senate to pass a plan that
    met these principles: It had to reduce the deficit by $500 billion; it
    had to be balanced between spending cuts and taxes; 75 percent of those
    taxes had to be paid by the wealthiest 6 percent of the American people;
    and it had to encourage the creation of jobs and the movement of people
    from welfare to work. The Senate met these challenges, and that's why
    this vote is a victory for the American people.
        I want to congratulate Senators Mitchell, Sasser, and Moynihan for
    their leadership, their colleagues for their courage, and the American
    people for demanding that the deficit come down through tough spending
    cuts and a Tax Code that asks the most from the people who have the
    most.
        In a matter of days, I will be traveling to Japan to represent the
    interests of the United States in a summit with our economic
    competitors. Because we are acting to put our house in order, America
    will go to that meeting for the first time in years in a strong position
    to lead the world toward growth.