THE WHITE HOUSE
Office of the Press Secretary
For Immediate Release August 23, 1994
STATEMENT OF LEON PANETTA, CHIEF OF STAFF
We are pleased that the CBO report released today confirms that the deficit is headed down for three years for the first time since Harry Truman was in office; that the deficit is even lower than the Administration projected for 1994 and 1995, and that the deficit as a percentage of GDP will be the lowest since 1979. This report leaves no question that those who cast courageous votes in 1993 for a historic deficit reduction plan, made a major difference in getting our economic house in order. Yet, the report also makes clear that the escalating costs of health care will drive the deficit up as a percentage of our national income unless we take the steps necessary to get health care costs under control. This report confirms that we have made major progress on reducing the deficit, but that until we get health care costs under control, our work is not done.