Public Papers - 1990 - July
Statement on the Federal Budget Deficit
The midsession budget review shows the Nation is facing a budget deficit which, if Congress fails to act responsibly, will dictate a 0 billion across-the-board cut in Federal spending. Absent congressional action, this cut will go into effect automatically on October 1. Such a cut would be required by law.
If a fully responsible deficit reduction program is not enacted by the Congress, this automatic 0 billion cut will affect almost all that the Federal Government touches, from military readiness to air safety to vaccinations for children to programs for the elderly to drug abuse prevention to prison violence. It is, therefore, all the more important that the budget summit reach agreement promptly and that the Congress act responsibly to bring the deficit down.