    [Public Papers of the Presidents of the United States: William J. Clinton (1997, Book II)]
    [August 2, 1997]
    [Pages 1039-1040]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    August 2, 1997

        Good morning. This week we reached agreement on a bipartisan
    balanced budget that honors our values, invests in our people, and gives
    middle class families a well-deserved tax cut. With overwhelming
    bipartisan support in both Houses, the Congress has sent me this
    measure, and next week I will sign it into law. This is an historic
    achievement, a plan that will strengthen our economy and prepare our
    people for the challenges of the 21st century.
        There has been a lot of cheering here in Washington, but there has
    been cheering on Main Street as well, for the real impact of this budget
    will be in the lives, the dreams, and

    [[Page 1040]]

    the futures of families all across America. Today I want to talk to you
    about how this balanced budget will affect millions of American
    families. I have asked some of them to join me here in the Oval Office
    today.
        For 4\1/2\ years, our goal has been to keep the American dream alive
    and to expand opportunity for all Americans who would work for it. In
    1993, when I took office, our economy was not creating that opportunity,
    and I vowed to change our Nation's course. We put in place a new
    economic approach, cutting the deficit to create the conditions for
    growth; investing in the education and health of our people, so that all
    Americans could reap the rewards of that growth; and opening foreign
    markets to American goods and services through tough trade agreements.
        That strategy relied on tough cuts and hard choices. It produced 4
    straight years of deficit cuts and slashed our deficit by 80 percent. We
    had well begun the work of putting our fiscal house in order before this
    budget agreement. And in a real sense, what was done back in 1993 made
    it possible. The low interest rates we've enjoyed have produced economic
    expansion as well as real benefits for the middle class in the form of
    lower car payments, mortgages, and credit card rates. Now, we learned
    yesterday that unemployment is at its lowest in 24 years. The economy
    created 316,000 new jobs last month alone. Investment is up, and
    inflation is low. And family incomes finally have begun to rise.
        Our new balanced budget law gives us a chance to make sure all
    Americans have the tools to prosper in the hopeful new century ahead.
    For parents who work at home, there is an increase in the home office
    deduction. For family farmers who buy their own health insurance, there
    is a provision allowing them to deduct their health costs, just like
    other small-business people. For parents whose children go to schools
    that are crumbling, this budget helps them and their communities to
    repair those schools or build new ones. Most important, in its core
    provisions, this balanced budget will help working families live up to
    their responsibilities to their children, their parents, and their
    communities.
        One family has three children. He's a carpenter; she cares for his
    mother, who lives at home with them. The $1,500 a year they will receive
    from the child tax credit will be the biggest increase in take-home pay
    they have seen for some time. In another family, the mother wants to go
    back to school but can't afford to until her own children finish
    college. The new HOPE scholarship tax credit would make it possible for
    her to live out her dreams and return to school. Another mother works
    full time but has no health insurance for her two children, one of whom
    has a heart ailment. She was told she works too many hours to receive
    Medicaid. This budget invests $24 billion in children's health care, so
    that parents like her can have greater peace of mind, knowing their
    children can get health insurance.
        This balanced budget is a victory for every parent who wants a good
    education for his or her children, for every child in our hardest
    pressed households who needs health care, for every family working to
    build a secure future. After years in which wages did not rise as fast
    as they should, this tax cut will clearly provide a direct increase in
    take-home pay for millions of families. It is the best investment we can
    make in America's future. It is the achievement of a generation, and all
    Americans should be proud.
        This is a moment of profound hope for our country. As the new
    century approaches, we've come together to conquer one of our most
    persistent problems, and we've done it in a way that benefits all our
    people and our future. I hope that's how we'll meet all our challenges
    in the years to come, because when Congress and the President put aside
    partisanship and find common ground, when they act together for the
    common good, America can meet any goal and master any challenge.
        Thanks for listening.

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