○  renunciation speech  ○

engthen the international monetary system. and i'm very proud of the very able work done by secretary fowler and chairman martin of the federal reserve board. but to make this system work, the united states just must bring its balance of payments to -- or very close to -- equilibrium. we must have a responsible fiscal policy in this country. the passage of a tax bill now, together with expenditure control that the congress may desire and dictate, is absolutely necessary to protect this nation’s security, and to continue our prosperity, and to meet the needs of our people.

now, what is at stake is seven years of unparalleled prosperity. in those seven years, the real income of the average american, after taxes, rose by almost 30 percent -- a gain as large as that of the entire preceding 19 years. so the steps that we must take to convince the world are exactly the steps that we must take to sustain our own economic strength here at home. in the past eight months, prices and interest rates have risen because of our inaction. we must therefore now do everything we can to move from debate to action, from talking to voting and there is, i believe -- i hope there is -- in both houses of the congress a growing sense of urgency that this situation just must be acted upon and must be corrected.

my budget in january, we thought, was a tight one. it fully reflected our evaluation of most of the demanding needs of this nation. but in these budgetary matters, the president does not decide alone. the congress has the power, and the duty, to determine appropriations and taxes. and the congress is now considering our proposals, and they are considering reductions in the budget that we submitted.

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