THE WHITE HOUSE

Office of the Press Secretary

STATEMENT BY THE PRESIDENT
ON CONGRESSIONAL PASSAGE OF BALANCED BUDGET BILL

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.

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 six 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.

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