June 23, 1982

Today I congratulate the responsible Members of the House and Senate who resisted intense political pressure to give the American people what they have waited many months to receive: a bipartisan recovery budget that recommits this government to a clear course toward lower growth of spending, steadily declining deficits, and eventually, the ability to live again within our means.

Passage of this bipartisan budget resolution is a clear repudiation of those who said the Congress could not and would not act responsibly in an election year. It is a victory for the common sense and quiet courage of America's finest legislators -- Republican and Democrat -- who refused to take the low road and return to the discredited, quick-fix policies of the past.

The Congress has now sent an important signal to America's markets and to the world. By voting to reduce projected deficits over the next 3 years by more than $375 billion, the first important hurdle blocking our path to lower interest rates has been cleared.

But let there be no misunderstanding: Even steeper hurdles remain. The Congress must follow through with tough implementing actions to make the budgetary commitment meaningful and actually control government spending.

We have come too far and worked too hard in correcting the mistakes of the past to turn back now. The American people expect us to work together for lasting economic recovery. We must not betray their trust.