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

<R04>
Statement on Congressional Action on Tax Cut Legislation

July 31, 1997

    Congressional passage of tax cut legislation brings us one step 
closer to final enactment of landmark legislation that will balance the 
budget, provide meaningful tax relief to middle class families, and 
strengthen the Nation's economy.
    This tax cut honors our values by helping middle class families 
raise their children, send them to college, save for retirement, and buy 
and sell a home. I am particularly pleased that it includes $35 billion 
to give every American who needs it a Hope scholarship tax cut for the 
first 2 years of college, to provide further tax relief for all 4 years 
of college, and to help to pay for education and training throughout a 
lifetime. The first balanced budget in a generation is also the best 
education budget in a generation.
    By giving working families direct tax relief, we are continuing our 
economic strategy of balancing the budget while investing in people. 
That strategy has helped create prosperity, with steady growth, low 
inflation, strong investment, and rising middle class incomes. Now, this 
tax cut will boost the standard of living for middle class families even 
more. Working families deserve the dividend from a growing economy and a 
balanced budget, and with this tax cut, they will receive it.