August 18, 1982

Well, contrary to appearances, this isn't a sentimental reunion of old political sparring partners. What this gathering does represent is a solid cross section of leaders and outstanding Members of the Congress.

Now, perhaps you've been informed -- I don't know -- there would have been some leaders and leading members in the leadership of the Senate here, but I understand that they're in the middle of a vote and, therefore, they're missing this occasion.

But some here are Democrats, some Republicans, some are liberals, some conservatives; but all of us here today are united by something much bigger than political labels. We're all Americans. We all want to get the American economy moving. And we all realize that to achieve this we must cut Federal deficits to bring down interest rates and create jobs.

Together we've been reviewing the situation. And speaking for myself, I've come out of the meetings as an optimist. Over the last 24 hours we've seen impressive evidence that the American economy is looking up. Yesterday's historic rally of the stock market and several leading economic indicators all point toward economic recovery. And a growing number of banks are lowering their prime interest rates.

We have to keep this momentum for prosperity going by passing the bipartisan legislation before the Congress to lower deficits by raising revenues and cutting spending. If enough Republicans and Democrats join together now to achieve this goal, interest rates will keep on coming down, and we'll get to the point where there will be jobs for all Americans who want to work. We can do it, but we can only do it together.

And I want to thank you all for coming.

Note: The President spoke at 5:41 p.m. to reporters assembled in the Rose Garden at the White House.

Date
08/18/1982