US Presidency
1970

This administration cut more than $ 7 billion out of spending plans in order to produce a surplus in 1970, and in spite of the fact that Congress reduced revenues by $ 3 billion, I shall recommend a balanced budget for 1971. But I can assure you that not only to present, but to stay within, a balanced budget requires some very hard decisions. It means rejecting spending programs which would benefit some of the people when their net effect would result in price increases for all the people. It is time to quit putting good money into bad programs. Otherwise, we will end up with bad money and bad programs. I recognize the political popularity of spending programs, and particularly in an election year. But unless we stop the rise in prices, the cost of living for millions of American families will become unbearable and government's ability to plan programs for progress for the future will become impossible.