[Weekly Compilation of Presidential Documents Volume 32, Number 23 (Monday, June 10, 1996)]
[Pages 1003-1004]
[Online from the Government Publishing Office, www.gpo.gov]

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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 home ownership 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 the steps the administration has made to reduce closing costs 
for home buyers.]

Balanced Budget

    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

[[Page 1004]]

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 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.