State of the Union AddressesJohnson, Lyndon B. (Lyndon Baines)
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State of the Union Addresses
Johnson, Lyndon B. (Lyndon Baines)
Presidents -- United States -- Messages; United States -- Politics and government -- Sources
I know that all of us recognize that most of the things we do to meet all
of these commitments I talk about will cost money. If we maintain the
strong rate of growth that we have had in this country for the past 8
years, I think we shall generate the resources that we need to meet these
commitments.
We have already been able to increase our support for major social
programs--although we have heard a lot about not being able to do anything
on the home front because of Vietnam; but we have been able in the last
5 years to increase our commitments for such things as health and education
from $30 billion in 1964 to $68 billion in the coming fiscal year. That is
more than double. That is more than it has ever been increased in the 188
years of this Republic, notwithstanding Vietnam.
We must continue to budget our resources and budget them responsibly in a
way that will preserve our prosperity and will strengthen our dollar.
Greater revenues and the reduced Federal spending required by Congress last
year have changed the budgetary picture dramatically since last January
when we made our estimates. At that time, you will remember that we
estimated we would have a deficit of $8 billion. Well, I am glad to report
to you tonight that the fiscal year ending June 30, 1969, this June, we are
going to have not a deficit, but we are going to have a $2.4 billion
surplus.
You will receive the budget tomorrow. The budget for the next fiscal year,
that begins July 1--which you will want to examine very carefully in the
days ahead--will provide a $3.4 billion surplus.
This budget anticipates the extension of the surtax that Congress enacted
last year. I have communicated with the President-elect, Mr. Nixon, in
connection with this policy of continuing the surtax for the time being.
I want to tell you that both of us want to see it removed just as soon as
circumstances will permit, but the President-elect has told me that he has
concluded that until his administration, and this Congress, can examine the
appropriation bills, and each item in the budget, and can ascertain that
the facts justify permitting the surtax to expire or to be reduced, he, Mr.
Nixon, will support my recommendation that the surtax be continued.
Americans, I believe, are united in the hope that the Paris talks will
bring an early peace to Vietnam. And if our hopes for an early settlement
of the war are realized, then our military expenditures can be reduced and
very substantial savings can be made to be used for other desirable
purposes, as the Congress may determine.
In any event, I think it is imperative that we do all that we responsibly
can to resist inflation while maintaining our prosperity. I think all
Americans know that our prosperity is broad and it is deep, and it has
brought record profits, the highest in our history, and record wages.
Public-domain text, read in full here on John Shaqi.
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