Remarks Announcing the Vetoing of Two Appropriations Bills

I have a brief statement that I would like to read with regard to two bills that have come to my desk that I am taking action on today and messages that I sent to the Congress.

I am today vetoing two bills the Congress has passed that would spend nearly $1 billion more than my budget recommendation. In both cases, my original budget proposals were generous. In both cases, the level proposed by Congress is a threat to every American's pocketbook.

First, the independent offices appropriations bill, which includes funds for the Department of Housing and Urban Development. My original request for urban development and related expenditures was double the outlays in the previous administration. This bill exceeds my budget request by $541 million.

I am vetoing this bill because it would help drive up the prices that everyone pays for the things he buys. It would help drive up interest rates and taxes. It would harm the people it is most designed to help.

The other measure I am vetoing is the appropriations bill for the Office of Education. It is for $453 million over my budget request and that budget request would have produced 28 percent more in outlays than in the last fiscal year of the previous administration.

I realize that an election year is a tempting time for people in politics to say yes to every spending bill. But if I were to sign these bills that spend nearly $1 billion more than we can now afford, I would be saying yes to higher prices, yes to higher interest rates, yes to higher taxes.

When it comes to spending the people's money the Congress understandably is sometimes affected by proposals that would benefit some of the people.

The responsibility of the President is to weigh the interests of all the people. By the action I am taking today, I am saying no to bigger spending and no to higher prices in the interests of all the American people.