    [Public Papers of the Presidents of the United States: William J. Clinton (1996, Book I)]
    [June 6, 1996]
    [Pages 867-868]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Exchange With Reporters Following a Meeting With First-Time Homeowners
    June 6, 1996

    FHA Closing Costs

        Q. Mr. President, don't you think the Republicans will say that
    reducing the FHA closing costs is just an election year gimmick?
        The President. I don't know what they'll say. But we've been working
    on this for quite some time now, and it's a part of an ongoing strategy.
    And we started in 1993 by driving the interest rates down, and in that
    year alone, something like 5\1/2\ million people refinanced their home
    mortgages. So many American middle class working people, starting with
    young people like the Kastens, have all their savings in a home. And we
    just feel that anything we can do to facilitate people buying their own
    homes and to speed the process along will increase savings in America,
    increase security, and support families.
        So that's what we're trying to do. We're trying to get--we have, I
    think, about 3.7 million new homeowners since I became President, and
    we're working on a target of 8 million by the year 2000. If we can get
    to 8 million, then we'll have homeownership at two-thirds of the
    American people; it will be the highest it's ever been in American
    history. That's what we're trying to do.

    [At this point, Housing and Urban Development Secretary Henry Cisneros
    explained administration actions to reduce closing costs for home
    buyers.]

    Balanced Budget Amendment

        Q. Mr. President, does the Senate vote today on a balanced budget
    amendment give Senator Dole ammunition against you? Are you standing in
    the way of a balanced budget?
        The President. No. Look at what Senator Exon said, probably the
    strongest balanced budget advocate over a longer period of time than
    anybody in the Senate, of either party. And he's actually changing his
    vote, as I understand it, today because he doesn't want the gimmick of
    saying we're going to have a balanced budget amendment which will take
    forever and a day to take impact and get in the way of the fact that
    there are now--there are on the table, there's a Republican plan and my
    plan that existed when they walked away from the negotiations several
    months ago. Both of them

    [[Page 868]]

    would balance the budget by 2002; both of them have savings in common to
    do it.
        And I would say again, whatever happens in that vote today--and the
    President doesn't sign or veto amendments--whatever happens in that vote
    today, the Congress ought to come back, pass the savings we have in
    common, give the American people a balanced budget, take the differences
    between them, and then take that to the voters in November. Let the
    voters resolve the differences; let us do what we have in common. That's
    the way our system is supposed to work. Representative government is
    supposed to take what we have in common and make progress and let the
    voters resolve the differences. That's how the system is supposed to
    work.
        So I would say that however this vote comes out, it's not an excuse
    not to go on and balance the budget. If we did that, we'd get interest
    rates down some more, and we'd have more people like the Kastens buying
    homes next year.

    President's Home

        Q. When are you going to buy a home? How come you don't get one?
        The President. You know how much my first home cost? About $20,500--
    1,000 square feet, 1,100 square feet. Same sort of deal.
        Q. Time to get a new one, isn't it?
        The President. I hope not. [Laughter] I hope I've got a little time
    on that. [Laughter]

    Note: The exchange began at 11:20 a.m. on the South Lawn at the White
    House. In his remarks, the President referred to first-time home buyers
    Spencer and Lisa Kasten.