[Weekly Compilation of Presidential Documents Volume 36, Number 30 (Monday, July 31, 2000)]
[Page 1702]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Congressional Action on Tax Cut Legislation

July 27, 2000

    I am disappointed that the Republican Congress continues to strip 
away our fiscal discipline bill-by-bill by passing another in a series 
of costly tax cuts that, taken together, will spend our entire hard-
earned surplus. This misguided plan leaves nothing for lengthening the 
life of Social Security and Medicare, nothing for a prescription drug 
benefit, nothing for education or other priorities, and would make it 
impossible for us to get America out of debt by 2012. In its latest 
action, the House passed a bill that does nothing for more than 80 
percent of seniors while failing to act on a Medicare prescription drug 
benefit which would be available to all Seniors and people with 
disabilities.
    This is the wrong approach. We can maintain our fiscal discipline 
while providing targeted tax relief to help families pay for college, 
long-term care, child care, build and modernize schools, and save for 
retirement. In the interest of fiscal responsibility, I will veto this 
legislation that threatens our ability to pay down the debt, strengthen 
Medicare and Social Security, and invest in education.