○  renunciation speech  ○

the actions that we have taken since the beginning of the year to re-equip the south vietnamese forces; to meet our responsibilities in korea, as well as our responsibilities in vietnam; to meet price increases and the cost of activating and deploying these reserve forces; to replace helicopters and provide the other military supplies we need, all of these actions are going to require additional expenditures. the tentative estimate of those additional expenditures is 2 1/2 billion dollars in this fiscal year and 2 billion, 600 million in the next fiscal year. these projected increases in expenditures for our national security will bring into sharper focus the nation's need for immediate action, action to protect the prosperity of the american people and to protect the strength and the stability of our american dollar.

on many occasions i have pointed out that without a tax bill or decreased expenditures, next year's deficit would again be around $20 billion. i have emphasized the need to set strict priorities in our spending. i have stressed that failure to act -- and to act promptly and decisively -- would raise very strong doubts throughout the world about america's willingness to keep its financial house in order.

yet congress has not acted. and tonight we face the sharpest financial threat in the postwar era -- a threat to the dollar's role as the keystone of international trade and finance in the world.

last week, at the monetary conference in stockholm, the major industrial countries decided to take a big step toward creating a new international monetary asset that will str

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