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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release July 31, 1997

STATEMENT BY THE PRESIDENT

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 two years of college, to provide further tax relief for all four 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.

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