    [Public Papers of the Presidents of the United States: William J. Clinton (1996, Book I)]
    [March 19, 1996]
    [Pages 479-480]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on the 1997 Budget and an Exchange With Reporters
    March 19, 1996

        The President. I need a lot of help today. [Laughter] Please be
    seated.
        Good afternoon. Today I am presenting to Congress and the American
    people my budget for fiscal year 1997. This detailed budget plan invests
    in our people and balances the budget in 7 years.
        The budget continues the economic strategy that I put in place when
    I took office of President. Three years ago our economy was drifting and
    our deficit was exploding. In the 12 years before I became President the
    deficit had skyrocketed and the national debt had quadrupled. I was
    determined that our Nation must change course and once again provide
    growth and opportunity for the American people. So we cut the deficit.
    We invested in education and training. We opened foreign markets to our
    goods and services through tough trade agreements. We shrank and
    reformed our Government so that it now has the smallest work force in 30
    years but is still capable of performing essential functions necessary
    to the well-being and the growth of the American people.
        The American economy has turned around. It is now poised for
    sustained growth. Thanks to the ingenuity and hard work of the American
    people, our Nation has created 8.4 million jobs. We have the lowest
    combined rate of unemployment, inflation, and home mortgage rates in 27
    years. Exports are up dramatically, to an all-time high. Key industries
    from autos to semiconductors once again lead the world. And just
    yesterday the World Economic Forum said that for the third year in a row
    the American economy was the world's most productive. In addition to
    that, it's worth noting that in the last couple of years wages have
    started rising for the first time in a decade. And as compared with 4
    years ago, when only 20 percent of the new jobs paid above average
    wages, in 1995 over 55 percent of the new jobs paid above average wages.
        But there is more to do. We must press on. The most important thing
    we can do to keep our economy growing is to finish the job of balancing
    the budget in a way that reflects our values. In 1992 I pledged to cut
    the deficit in half and to continue cutting it after that. We are
    cutting the deficit in half. I'm proud to say that my 1997 budget is the
    first budget presented by a President of either party in nearly two
    decades to come to balance using the numbers of both Congress and the
    executive branch.
        It cuts unnecessary spending in hundreds of Government programs. It
    reforms welfare, putting in place a system that ends welfare as we know
    it and moves more people from welfare to work. It honors our values by
    protecting Medicare and Medicaid and investing in our future through
    education and the environment. It closes corporate loopholes and cuts
    taxes for working families and small businesses. Most important, this is
    the second year of the plan I presented to the American people to
    balance the budget in 7 years. This budget underscores my personal
    determination; we will balance the

    [[Page 480]]

    budget. The best way for that to happen is for Congress and I to work
    together.
        In the coming weeks, we must seize the opportunity we now have to
    give the American people a moment of real bipartisan achievement. Over
    the last several months I have worked closely with the bipartisan
    congressional leadership. We have spent hours and hours together in
    serious and productive discussions. The congressional leaders and I have
    identified $700 billion in savings common to both our plans. That is
    more than enough to balance the budget in 7 years and to provide a tax
    cut.
        I am ready to work with the leaders of Congress to finish the job.
    Toward that end, I have invited the bipartisan congressional leadership
    to meet with me tomorrow at the White House. I will urge them to address
    our pressing national concerns: balancing the budget, welfare reform,
    the Kennedy-Kassebaum health care bill, the antiterrorism legislation.
    And we'll also discuss the prospects for progress on all these areas in
    the weeks ahead. We have to meet our common obligation to act on our
    urgent national priorities. We should enact a balanced budget and we
    should do it now, not after the November election, not after the
    political season, not later, but now. The American people deserve
    nothing less. It is the right thing to do.
        Now I'd like to call on the Vice President to discuss some of the
    priorities in the budget that we are pursuing consistent with our
    strategy. And then others will come forward to brief you on other
    aspects of the budget.
        Mr. Vice President.

    [At this point, the Vice President made remarks.]

        Q. Mr. President, have you heard from the congressional leaders?
        The President. We're going to meet tomorrow.

    Note: The President spoke at 2:07 p.m. in Room 450 of the Old Executive
    Office Building.