Monday, January 24, 1972, Budget Message

Tresident Statement m the Budget Jan24, 1972 The budget I have sent to Congress requires spending more than we will collect in taxes. It was necessary to do this because we have a vastly increased number of people willing and able to work, and I want to do everything I can to help each one get a job. We can accomplish part of this through a wise use of government spending. But every year my budgets have been increased by the Congress, by actions of the Executive Branch or by factors that seem to be outside anybody's control. I am not nearly SO interested in trying to fix the blame for this, as I am to prevent it happening again. If this budget is allowed to expand either by action of the Congress or of my appointees, or by factors apparently outside our control, it will start us on the road to inflation again -- an inflation that will eventually destroy all the good we have accomplished in ridding our economy of the run-away inflation I inherited in 1969. Therefore, H urge the Congress to enact as-its first_law this Sessions, a rigid ceiling on outlays that will prevent the government spending more than the $246 billion requested in this budget. That ceiling on expenditures should apply equally to the Congress, to the Executive Branch. and to the President. We spend to help stimulate and strengthen the economy. But we cannot spend our way into prosperity, and the more we type ater the danger we will undermine the eco my with an in Flation that can ultimately ruin us N. We urgently need an absolute limit on government spending. Only thus can we end inflation, stabilize the economy and provide employment and real prosperity of for all.