June 26, 1981
Today the House of Representatives gave the American people a major victory in the war against inflation. By passing the Gramm-Latta spending control amendment, despite intense political pressure, an emerging coalition of Democrats and Republicans demonstrated that bipartisan cooperation is for real and that America can once again have a government that lives within its means.
Today's vote was a profile in political courage and should inspire the gratitude of us all. It will renew the faith of millions of Americans who have waited so long just for those in Washington to listen and care and take action.
Let there be no misunderstandings: The victory of the Gramm-Latta amendment was absolutely essential in order to meet our spending targets next year and balance the budget by 1984. There will be a need for additional spending restraints in the future, but without this vote today, we would have faced more than $20 billion in additional deficits over the next 3 years.
The Senate has already produced a spending bill that is highly satisfactory. So, while we must still await a House-Senate conference, today's vote ensures that the final outcome will carry us a long way toward our budgetary goals.