US Presidency
1990

The nation will not accept anything less than excellence in education. These investments will keep America competitive. And I know this about the American people: We welcome competition. We'll match our ingenuity, our energy, our experience and technology, our spirit and enterprise against anyone. But let the competition be free, but let it also be fair. America is ready. Since we really mean it and since we're serious about being ready to meet that challenge, we're getting our own house in order. We have made real progress. Seven years ago, the federal deficit was 6 percent of our gross national product, 6 percent. In the new budget I sent up two days ago, the deficit is down to 1 percent of gross national product. That budget brings federal spending under control. It meets the Gramm Rudman target. It brings that deficit down further and balances the budget by 1993 with no new taxes. And let me tell you, there's still more than enough federal spending. For most of us, $ 1.2 trillion is still a lot of money.