[Weekly Compilation of Presidential Documents Volume 33, Number 31 (Monday, August 4, 1997)]
[Pages 1161-1162]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Congressional Action on Balanced Budget Legislation

July 31, 1997

    The final congressional passage of the balanced budget bill is the 
achievement of a generation and a triumph for every American. This 
budget marks an end to decades of deficits, and just as important, it 
honors our values, investing in the education, health, and futures of 
our people. This budget includes the most significant new investment in 
education in three decades and the largest increase in investment in 
higher education since the GI bill a half century ago. And it means that 
up to 5 million children who lack health insurance will now receive 
quality health care, even as we cut overall Government spending. That's 
the right way to balance the budget.

[[Page 1162]]

    I am particularly pleased that our balanced budget passed with the 
overwhelming support of both parties in both Houses of Congress. It 
reflects the common values and common sense of the vital center of 
American politics.
    This balanced budget also will strengthen America by continuing our 
economic strategy. Beginning in 1993, our new economic approach of 
cutting deficits, investing in our people, and expanding exports through 
tough trade agreements has created the conditions for sustained 
prosperity. Today we have learned that the economy grew over the first 6 
months of this year at a 3.5% rate, with low inflation and rising 
incomes. Today's passage of the balanced budget will continue that 
strategy and help keep America's economy growing.
    I look forward to the swift passage of the tax cuts in separate 
legislation to complete our balanced budget plan.