FY 1996 Science and Technology Budget - Press Briefing
When this Administration came into office 24 months ago, the outlook for the budget was bleak, at best. We faced the prospect of annual deficits in this decade of $300 - $400 billion. The economy was weak and investments for the future were disappearing.

The necessary medicine has been real budget discipline and a re-focus on investment: discipline to avoid digging into a deeper hole of enslaving debt, and investment to climb out. It is tough medicine -- but it is working.

For example, economic growth during the Clinton Administration has created nearly six million jobs. 1994 was the best year for job growth in a decade, and the combined rates of unemployment and inflation are at a 25-year low. Ninety-three percent of this job growth has been in the private sector, the highest percentage of any administration in half a century.

We also have dramatically reduced the federal budget deficit. This year's budget adds another $81 billion in cuts to the largest deficit reduction package in history; which will bring the President's deficit reduction total to nearly $600 billion -- cutting the deficit in half as a share of the economy (GDP), the best economic measure of the deficit.

We have also dramatically down-sized the federal bureaucracy while reforming the regulatory system and cutting red tape. Federal jobs have already fallen by more than 100,000. We are on track to cut a quarter million positions, making the federal bureaucracy the smallest since the Kennedy Administration.

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