Statement by the President: Tax Legislation (7/27/00)
                              THE WHITE HOUSE

                       Office of the Press Secretary

For Immediatiate Release                                       July 27,

                        STATEMENT BY THE PRESIDENT

     I am disappointed that the Republican Congress continues to strip away
our fiscal discipline bill-by-bill by passing another in a series of costly
tax cuts that, taken together, will spend our entire hard-earned surplus.
This misguided plan leaves nothing for lengthening the life of Social
Security and Medicare, nothing for a prescription drug benefit, nothing for
education or other priorities, and would make it impossible for us to get
America out of debt by 2012.  In its latest action, the House passed a bill
that does nothing for more than 80 percent of seniors while failing to act
on a Medicare prescription drug benefit which would be available to all
Seniors and people with disabilities.

     This is the wrong approach.  We can maintain our fiscal discipline
while providing targeted tax relief to help families pay for college,
long-term care, child care, build and modernize schools, and save for
retirement.  In the interest of fiscal responsibility, I will veto this
legislation that threatens our ability to pay down the debt, strengthen
Medicare and Social Security, and invest in education.


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