    [Public Papers of the Presidents of the United States: William J. Clinton (1996, Book I)]
    [January 27, 1996]
    [Pages 110-111]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 110]]

    The President's Radio Address
    January 27, 1996

        Good morning. Before I speak about the challenges we face today, I'd
    like to take just a moment to remember together a tragedy that 10 years
    ago tore at our Nation's heart.
        On January the 28th, 1986, the seven courageous Americans of the
    Space Shuttle Challenger, parents and scientists, pilots and our first
    teacher in space, gave their souls back to God. Like the generations of
    American explorers, their sacrifice was made not in the name of personal
    gain but in the pursuit of knowledge that would lead to the common good.
        A decade has passed since that terrible day. The families of the
    Challenger crew have slowly and bravely rebuilt their lives. The
    students Christa McAuliffe taught have now grown into adulthood.
    Countless shuttle missions have ventured beyond Earth's borders and
    returned safely to the home we all share. A decade has passed, but their
    bravery, their commitment, their patriotism remain constant, as fixed as
    the North Star. We will forever honor their memory and forever remember
    the name of their ship, Challenger, for America was built on challenges,
    not promises.
        Earlier this week, I had the privilege of delivering the State of
    the Union Address and discussing the challenges we face today, only 5
    years from a new century. As I said, the state of our Union is strong.
    We are entering an age of possibility in which more Americans from all
    walks of life will have more chances to build the future of their dreams
    than ever before. But we also face stiff challenges, challenges we must
    meet and meet together if we are to preserve the American dream for all
    Americans, maintain America's leadership for peace and freedom, and
    continue to come together around our basic values.
        These are the seven challenges I set forth Tuesday night: to
    strengthen our families; to renew our schools and expand educational
    opportunity; to help every American who's willing to work for it achieve
    economic security; to take our streets back from crime; to protect our
    environment; to reinvent our Government so that it serves better and
    costs less; and to keep America the leading force for peace and freedom
    throughout the world.
        We will meet these challenges, not through big Government. The era
    of big Government is over. But we can't go back to a time when our
    citizens were just left to fend for themselves. We will meet them by
    going forward as one America, by working together in our communities,
    our schools, our churches and synagogues, our workplaces across the
    entire spectrum of our civic life.
        As we move forward with tomorrow's challenges, we also must take
    care of yesterday's unfinished business. First, we must balance the
    budget. In the 12 years before I took office, the deficit skyrocketed
    and our national debt quadrupled. I came to Washington determined to
    act, and we did. In the first 3 years of our administration, thanks to
    the Deficit Reduction Act of 1993, we cut the deficit nearly in half. In
    fact, our budget would be in balance today were it not for the interest
    payments we have to make on the debt that accumulated in the 12 years
    before I took office. Now it's time to finish the job.
        As you know, for some time I've been working with Republicans and
    Democrats in Congress to forge a balanced budget that protects our
    values. Though significant differences remain between our two plans,
    Republicans and I have enough cuts in common to balance the budget in 7
    years and to provide a modest tax cut without devastating Medicare,
    Medicaid, education, or the environment, and without raising taxes on
    working families.
        So again last Tuesday, I asked Congress to join with me to make the
    cuts we agree on. Let's give the American people the balanced budget
    they deserve, with a modest tax cut and the lower interest rates and
    brighter hope for the future it will bring. My door is open. Let's get
    back to work.
        There have been some hopeful signs this week that we can work
    together. Last night the Senate ratified the START II treaty which, when
    Russia ratifies it, will enable us to make continued dramatic reductions
    of our nuclear arsenal and remove further the nuclear cloud from our
    children's future. And last night Congress passed legislation to keep
    the Government's operations

    [[Page 111]]

    open until March. It's a good step, but only a first step.
        And while we are balancing the budget, there is another piece of
    business Congress must take care of right now. Like each of us, our
    Nation is only as good as its word. For 220 years, the Government of the
    United States has honored its obligation and kept its word. Through the
    Civil War, two World Wars, and the Depression, America has paid its
    bills and kept its word. When we borrow money, we promise to pay it
    back, and we pay it back, no matter what. Our strong economy is built on
    the bedrock of this commitment. The world's economy relies on the full
    faith and credit of the United States, and it's one thing that enables
    us to keep all of our interest rates down so that we can afford to
    borrow and grow and live.
        From time to time, to keep its word, Congress has had to pass debt
    ceiling legislation so the Government can meet its obligations. Congress
    has always done this when necessary. But this Congress, especially some
    in the House of Representatives, are trying to use the debt ceiling as a
    way to get its way in the budget negotiations.
        Since November, Congress has failed to act on the debt ceiling. To
    prevent our Nation from going into default, the Treasury Secretary,
    Robert Rubin, has been forced to take extraordinary actions, and so far
    he has been successful. But our options are running out.
        What could happen if the United States Government failed to meet its
    obligations? Our unbroken record of keeping our word could end with
    taxpayers bearing the costs for years to come because interest rates
    would go up on United States obligations. And interest rates could also
    go up for businesses, consumers, and homeowners, many of whom have
    interest rates that vary according to the Government's interest rates.
    And for tens of millions of Americans the unthinkable could happen: The
    Social Security checks they count on would not be able to be mailed out.
        My fellow Americans, we are a great country. We have never--never--
    broken our word or defaulted on our obligations in our entire 220-year
    history. We've never failed to pay Social Security for senior citizens
    who've earned it.
        So Congress should act responsibly and stop playing politics with
    America's good name. Let our Government pay its bills. In order to avoid
    endangering the March 1st Social Security checks, Congress should pass a
    straightforward, long-term debt limit immediately.
        We have worked hard after years of wasteful spending to restore
    confidence in the way our Government does America's business. Americans
    are just beginning to believe again. This is no time to turn back. I
    urge every Member of Congress to reflect upon the gravity of this matter
    and to remember what the American people want from us is something quite
    simple: to put partisanship aside, get the job done, and work together
    for the common good. That is what we must do today and what we must do
    on the question of the debt limit.
        Thanks for listening.

    Note: The President spoke at 10:06 a.m. from the Oval Office at the
    White House.