The budget I presented to Congress in January restricted Federal spending and reduced the deficit for fiscal year 1980 to less than $30 billion, well under half of what it was when I ran for election. At the time, I said: "This policy of restraint is not a casual one. It is an imperative if we are to overcome the threat of accelerating inflation."
The Congress, in approving the first budget resolution, has joined the administration in recognizing the urgency of fiscal restraint, while still providing for critical national needs. I congratulate the Congress and, in particular, Chairmen Muskie and Giaimo, who guided the resolution through their respective Houses.