[Weekly Compilation of Presidential Documents Volume 29, Number 25 (Monday, June 28, 1993)]
[Page 1168]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.