US Presidency
1991

And that's why, amid all the sound and fury of last year's budget debate, we put into law new, enforceable spending caps, so that future spending debates will mean a battle of ideas, not a bidding war. Though controversial, the budget agreement finally put the federal government on a pay as you-go plan and cut the growth of debt by nearly $ 500 billion. And that frees funds for saving and job creating investment. Now, let's do more. My budget again includes tax-free family savings accounts; penalty-free withdrawals from IRAs for first time home buyers; and to increase jobs and growth, a reduced tax for long term capital gains. I know there are differences among us, , about the impact and the effects of a capital gains incentive. So tonight, I am asking the congressional leaders and the Federal Reserve to cooperate with us in a study, led by Chairman Alan Greenspan, to sort out our technical differences so that we can avoid a return to unproductive partisan bickering.