Statement by the President Following House Approval of the Tax Bill.

THE House of Representatives today declared itself for a responsible fiscal policy. Its voice will be heard around the world. Our democracy has passed a critical test. This is a landmark decision:

--to help safeguard the pockets and pocketbooks of all Americans from the pilferage of inflation;

--to help insure a healthy flow of credit through our economic system;

--to help defend the value of the dollar at home and abroad;

--to sustain our remarkable 88-month record of economic advance.

I have been pleading for this action for many long months, and I hail this decision as a victory for the entire Nation. The tax bill is essential insurance against economic chaos. Surely it is not a full and final solution for our economic problems, but it is a passport toward further economic progress.

I am very hopeful and confident that the Senate will promptly complete the legislative action on this measure.