Remarks on Signing the Congressional Budget and Impoundment Control Act of 1974

On this occasion, I would like to speak briefly about the significance of this bill. The major problem facing the country today, whether it is abroad or at home, is the problem of inflation. This bill deals with that problem, and that problem is one that affects every American.

There are many causes for inflation, as we know, but a major cause for inflation is overspending by government, when government spends more than it takes in, in revenues.'And this bill addresses that particular part of the problem because as we work together to keep down the cost of government, it means that we can help keep down the cost of living for every American.

I should say that one of the reasons we have had difficulties in the past in this respect--and I speak not only of this Administration but all administrations, Democrat and Republican--is that too often the Congress has been, and both sides in this respect, and the Executive have appeared to be, at odds.

But fighting inflation is everybody's battle. It is not a Republican battle or a Democratic battle. It isn't the Executive's battle or the Congress battle. Everybody must fight together.

What this bill is, is the most significant reform of budget procedures since the Congress and this country began. What this bill does is to provide a means whereby the Congress and the Executive, not only now but in administrations to come, will work together to keep the budget from getting out of control.

And by working together, it means that by keeping down the cost of government, as I have already indicated, we can help every American family balance their family budgets.

I want to express, particularly, the appreciation that is due to the members of the committee who have worked a long time, as you can see from the size of this bill, to develop it. I want to commend the bipartisan spirit which motivated it throughout. And I would say finally that the same spirit of bipartisanship, that same spirit of cooperation, not only between parties but between the Congress and the Executive, will enable us to achieve two goals: one, to see that the '75 budget in which we are currently working does not go beyond the amounts that we proposed when we first submitted it, and two, to achieve a goal in the 200th year of this Nation's history that we all want to achieve, of a balanced budget in 1976.

That is our goal; we are out to achieve it. We believe this battle can be won, but it can only be won by the Congress and the President working together.

That is why I pledge, certainly, my cooperation in this respect, and I know, from having signed this bill and the work that went into it, that we will have the cooperation of Congress.

Thank you.