[Weekly Compilation of Presidential Documents Volume 36, Number 32 (Monday, August 14, 2000)]
[Pages 1792-1793]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

August 5, 2000

    Good morning. Seven years ago this month we set out on a course to 
eliminate the deficit, invest in education, and open markets for 
American products overseas. By sticking to that path, we have turned 
record budget deficits into record surpluses and produced the longest 
economic expansion in history, over 22 million new jobs, the lowest 
unemployment rate in 30 years, the lowest welfare rolls in 30 years, the 
lowest minority unemployment rate on record. Income taxes for the 
typical family are the lowest now in 35 years, and we're on track to 
achieve something unimaginable a few years ago, a debt-free America by 
2012.
    Now, this is the right path for America. A path that allows us to 
pay down the debt, lengthen the life of Social Security and Medicare, 
keep investing in education, and cut taxes for middle class families. We 
can't retreat from this opportunity of a lifetime to keep our economy 
strong and move our country forward. That's why I'm vetoing legislation 
that represents the first installment of a fiscally reckless tax 
strategy.
    Today's economic progress is the direct result of a commitment to 
commonsense, kitchen-table values, responsibility and fairness, putting 
first things first, not spending what we don't have, looking out for our 
children's future. To stay true to these values, I've consistently vowed 
to veto tax breaks that abandon our pledge of fiscal discipline. For 
without this commitment, we wouldn't have a surplus today; we wouldn't 
be paying down the debt; we wouldn't have lower interest rates, which 
have led to record business investment and an effective tax cut for 
typical families--$2,000 in lower home mortgage payments, $200 less in 
car payments, $200 less in student loan payments.
    Now once again, in spite if all this evidence, America is being 
asked to turn back. On Capitol Hill, the Republican majority has passed 
a series of expensive tax breaks to

[[Page 1793]]

drain nearly a trillion dollars from the projected surplus. On the 
campaign trail, they are proposing over another trillion dollars in tax 
giveaways.
    If they support both the tax cuts this year and the tax cuts of 
their Republican Presidential campaign, they would drain over $2 
trillion from the projected surplus. And that's just what it is, 
projected; it's not money in the bank.
    Even by Congress' own optimistic estimates, their total tax breaks 
would put us back into deficits. That means higher interest rates, which 
is like another tax increase on ordinary Americans.
    So I asked the Republican leadership, do you really stand behind 
this $2 trillion tax cut strategy? If so, how do you justify leaving 
nothing for Social Security or Medicare, nothing for a new Medicare 
prescription drug benefit or education? And how will we ever make 
America debt free?
    Now let me be clear. I support tax cuts but tax cuts we can afford. 
We can't afford a $2 trillion U-turn on the path of fiscal discipline 
and economic progress. That is not the way to continue our efforts to 
use these good times for great goals.
    For 7\1/2\ years we've achieved those great goals in the economy, in 
education, in welfare reform, in health care, in crime, in the 
environment, in building one America. If we want to keep making 
progress, we've got to keep making good choices. And committing 100 
percent of the surplus, that may or may not materialize, to tax cuts is 
not a good choice. There is a better way.
    Earlier this summer, I made an offer to the Republican leadership 
that I would sign a marriage penalty relief law if they would pass an 
affordable, voluntary Medicare prescription drug benefit available to 
all seniors and disabled Americans who need it. Unfortunately, they 
rejected my offer. They've got another chance, though. When they come 
back, we can work together for a middle class tax cut to help Americans 
send their children to college, provide long-term care for elderly or 
disabled relatives, make child care more affordable, provide targeted 
marriage penalty tax relief. We can do that and still pay off the debt, 
strengthen Social Security and Medicare, create a voluntary Medicare 
prescription drug benefit, and invest in education. We can do this. And 
that's what we ought to do. We ought to keep interest rates down and 
save the future for our children.
    Let's not squander the surplus or this moment. Let's keep our 
economy strong, provide affordable tax relief, and extend our prosperity 
into the future. Let's do it together.
    Thanks for listening.

 Note:  The address was recorded at 12:18 p.m. on August 4 in the Map 
Room at the White House for broadcast at 10:06 a.m. on August 5. The 
transcript was made available by the Office of the Press Secretary on 
August 4 but was embargoed for release until the broadcast.