While recognizing the need for bold action, we have ensured that the impact of spending reductions will be shared widely and fairly by different groups and the various regions of the country. Also, we have, as pledged, maintained this society's basic social safety net, protecting programs for the elderly and others who rely on Government for their very existence. Budget cuts alone, however, will not turn this economy around. Our package includes a proposal to reduce substantially the presonal income tax rates levied on our people and to accelerate the recovery of business with capital investment. These rate reductions are essential to restoring strength and growth to the economy by reducing the existing tax barriers that discourage work, saving, and investment.
Individuals are the ultimate source of all savings and investment.
Lasting economic progress, which is our goal, depends on our success in encouraging people to involve themselves in this kind of productive behavior. Our tax proposal will, if enacted, have an immediate impact on the economic vitality of the Nation, where even a slight improvement can produce dramatic results. When considering the economic recovery package, I urge the Members of Congress to remember that last November the American people's message was loud and clear. Together we must remember that our primary responsibility is to the Nation as a whole and that there is nothing more important than putting America's economic house in order. The next steps are up to Congress.