minor revision -- ok if used earlier version just e-mailed

.Unable to convert ARMS_EXT: [ATTACH.D37] MAIL49377426T. 016 to ASCII,
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                                   MARCH 4, 1997       Box-Dump Conversion


                 Yesterday, CBO clearly certified that the President's FY 1998 budget balances in
                 5 years. (See Table 6 of the eBO document) This is only the second time in 17
                 years that a budget submitted by a President reaches balance based on both
                 Administration and Congressional estimates. (The first was President Clinton's FY 97
                 budget)




The President Has Fulfilled His Commitment to Present a Budget that Balances Under Both
Administration and CBO Estimates. The bottom line is that CBO certifies that the President's budget
reaches balance in 2002. So now both the Administration and CBO have concluded that our budget
balances in 2002. The only remaining difference is whether or not we must undertake special measures --
such as a trigger mechanism to cut mandatory (except Social Security) and discretionary spending -- to
achieve that goal.

No Special Measures Will Be Necessary if Our Conservative Economic Assumptions Prove to Be Accurate.
 We have a strong record on this front. For four years in a row, the deficit has been lower and growth
has been higher than we had predicted. Since we took office, the actual deficit has on average been about
$50 billion lower than we had projected the year before. CRO has been less accurate: they have
overestimated the deficit by $59 billion on average. Furthermore, our current assumptions are equally
prudent and conservative. Our estimates of GDP growth and inflation over the next 5 years are precisely the
same as the Blue Chip private-sector consensus.

Even CBO Concedes "Slight Differences" Account for Almost Entire Gap Between Administration and
CBO Baselines. To quote CBO: "Although the Administration's economic projections are similar to CEO's
projections that incorporate the effects of balancing the budget, slight differences in economic outlook essentially
account for the entire $60 billion difference in the baseline projections of the deficit in 2002. " [CBO, 3/3/97]

Yesterday, CBO Certified That Special Measures We Have Identified Would Indeed Bring the Deficit
Down to Zero. If our assumptions do not prove correct, we will pursue an expedited process with
Congress to agree on how to close any budget gap. If that process breaks down, we have identified
contingency measures to reach balance by 2002. Those measures include the sunsetting of most of our tax
provisions in 2001 and an across-the-board reduction in spending (except Social Security). The
discretionary spending reductions would start in 2001 and the reductions in mandatory programs would
begin in 2002. Today's CBO study shows that these measures -- which we believe will be unnecessary --
will work to bring the deficit down to zero.

Look How Far We Have Already Come. Two years ago, the President and Congress were embroiled in a
budget battle that lasted straight into the next year. And unlike any other year since 1981 when the
opposing party controlled the Congress, the President's budget has not been deemed "dead on arrival."
Now, CBO has certified that the President's plan reaches balance by 2002. The President's 1993 plan
made the task of balancing the budget easier. That year, President Clinton inherited a record $290 billion
deficit. Four years later, the deficit has been cut 63% and is a smaller share of GDP than any other major
economy in the world. Now, it's time to finish the job.

We Have Put a Real, Credible Plan on the Table. The President has submitted a balanced budget plan
this year that even CBO certifies as being in balance by 2002. If some in Congress want to criticize that
their tax cuts, what programs they would cut, how much they would invest in education, and how much
they would cut Medicare and Medicaid.

                                                                          Automated Records Management System
                                                                          Hex-Dump Conversion
    

.==================== ATTACHMENT 1 ==================== ATT CREATION TIME/DATE: 0 00:00:00.00 TEXT: Unable to convert ARMS_EXT: [ATTACH.D37] MAIL49377426T. 016 to ASCII, The following is a HEX DUMP: FFS7S043DCOE0000010A0201000000020S0000006S290000000200002016ED8S84AOCD249897SF 2C1706DEF7966F61AA7C1EC6CC2EAS6FE8F642789CA31EFSDAFDDS9S86SE8S9D97C3B1613E3B46 BBF4229AAEDAB2S79DFECF311FA906BBCB897DCAES64A97A7CA87E9AA4FA038SCC7DEC4CC9F73F 418CCD7D24CS968F2A2S18D06C32406SFA274FBS12927DC3BE8E14928CEBSFB19BCE1BDB77368A 7B296CEA9E79626D29DD09SBB3D17C1E99B6F1SF78967B646A63S44F4ED786C8FCDFCF10942FCD 4SF3SD996FCA10DOA1FCOBE6BS8FAC494F7C2FD4F2744DA11C3220FFE8876C38364FE19E2D9117 A2491C723BEB967F2SBA6SE78C8BF4F733CA80FESEOCCEECC34S466C7DBS1EEA22FS3SFF02SE24 80BDEOSDS6S4COAE3070276E8F2E8DBCSA1ES4FSF1BAB9DB3470A73B8C9SDF33348C44FE4D39C8 AFA2801EA9611B1BES7877786D38E1SCBB974FEAAASBSF1024CA2BFFB719ACD6B2E04F7DCDDDS1 D94A712BD294CS4F7B7CC34197F2E8872S47D64A4ASCD7A8340FBCC80F9AFB239398DAE6CEF799 3A40601E3084E137SFDS0926C99CA48AFSCEEF6D2DBADA1388B7796ED32AA636CFEBDCA98F673E 216F6DF460F9618SB4CAAOAA10B62F37CD3ADE4FSA79D291BOCB88A662696FEE8A79642D6BA377 167F1908974D3607E17S2B246CB81F3BAB1110F04129B1A3042DC628B32C633CS4CDD13D398326 6EB8CF37S80200AD00000000000000000000000823010000000B010000760BOOOOOOSSOCOOOOOO 4E000000810C0000092S0100000006000000CFOCOOOOOB300200000028000000DSOC0000087701 00000040000000FDOC0000083401000000140000003DOD00000802010000000FOOOOOOS10DOOOO 00SSOB00000020000000600D0000080S0100000008000000BOODOO000066020000000200000088 OD0000006101000000140000008AOD0000096801000000430000009EODOOOOOOOOOOOOOOOOOOOO 00009EOD0000000000000000000000009EODOOOOOOOOOOOOOOOOOO0000009EODOOOOOOOOOOOOOO 00000000009EOD0000000000000000000000009EODOOOOOOOOOOOO0000000000009EODOOOOOOOO 00000000000000009EOD0000000000000000000000009EODOOOOOO0000000000000000009EODOO 00000000000000000000009EOD0000000000000000000000009EOD000000000000000000000000 9EOD0000000000000000000000009EODOOOOOOOOOOOOOOOOOOOOOO009EODOOOOOOOOOOOOOOOOOO 0000009EOD0000000000000000000000009EODOOOOOOOOOOOOOOOO000000009EODOOOOOOOOOOOO 0000000000009EOD0000000000000000000000009EODOOOOOOOOOO000000000000009EODOOOOOO 0000000000000000009EOD0000000000000000000000009EODOOOO000000000000000000009EOD 0000000000000000000000009EOD0000000000000000000000009EODOOOOOOOOOOOOOOOOOOOOOO 009EOD0000000000000000000000009EODOOOOOOOOOOOOOOOOOOOO00009EODOOOOOOOOOOOOOOOO 000000009EOD00000942020000001DOOOOOOE10DOOOOOOOOOOOOOO0000000000E10DOOOOOOOOOO 00000000000000E10DOOOOOOOOOOOOOOOOOOOOOOOOE10DOOOOOOOO0000000000000000E10DOOOO 00000000000000000000E10DOOOOOOOOOOOOOOOOOOOOOOOOE10DOO0000000000000000000000E1 ODOOOOOOOOOOOOOOOOOOOOOOOOE10DOOOOOOOOOOOOOOOOOOOOOOOOE10DOOOOOOOOOOOOOOOOOOOO 0000E10DOOOOOOOOOOOOOOOOOOOOOOOOE10DOOOOOOOOOOOOOOOOOO000000E10DOOOOOOOOOOOOOO 0000000000E10DOOOOOOOOOOOOOOOOOOOOOOOOE10DOOOOOOOOOOOO000000000000E10DOOOOOOOO 0000000000000000E10DOOOOOOOOOOOOOOOOOOOOOOOOE10DOOOOOO000000000000000000E10DOO 0000000000000000000000E10DOOOOOOOOOOOOOOOOOOOOOOOOE10D000000000000000000000000 E10DOOOOOOOOOOOOOOOOOOOOOOOOE10DOOOOOOOOOOOOOOOOOOOOOO00E10DOOOOOOOOOOOOOOOOOO 000000E10DOOOOOOOOOOOOOOOOOOOOOOOOE10DOOOOOOOOOOOOOOOO00000000E10DOOOOOOOOOOOO 000000000000E10DOOOOOOOOOOOOOOOOOOOOOOOOE10DOOOOOOOOOO00000000000000E10DOOOOOO 000000000000000000E10DQOOOOOOOOOOOOOOOOOOOOOOOE10DOOOO00000000000000000000E10D 000000000000000000000000E10DOOOOOOOOOOOOOOOOOOOOOOOOE1ODOOOOOOOOOOOOOOOOOOOOOO 00E10DOOOOOOOOOOOOOOOOOOOOOOOOE10DOOOOOOOOOOOOOOOOOOOO0000E10DOOOOOOOOOOOOOOOO MARCH 4, 1997 Box-Dump Conversion Yesterday, CBO clearly certified that the President's FY 1998 budget balances in 5 years. (See Table 6 of the eBO document) This is only the second time in 17 years that a budget submitted by a President reaches balance based on both Administration and Congressional estimates. (The first was President Clinton's FY 97 budget) The President Has Fulfilled His Commitment to Present a Budget that Balances Under Both Administration and CBO Estimates. The bottom line is that CBO certifies that the President's budget reaches balance in 2002. So now both the Administration and CBO have concluded that our budget balances in 2002. The only remaining difference is whether or not we must undertake special measures -- such as a trigger mechanism to cut mandatory (except Social Security) and discretionary spending -- to achieve that goal. No Special Measures Will Be Necessary if Our Conservative Economic Assumptions Prove to Be Accurate. We have a strong record on this front. For four years in a row, the deficit has been lower and growth has been higher than we had predicted. Since we took office, the actual deficit has on average been about $50 billion lower than we had projected the year before. CRO has been less accurate: they have overestimated the deficit by $59 billion on average. Furthermore, our current assumptions are equally prudent and conservative. Our estimates of GDP growth and inflation over the next 5 years are precisely the same as the Blue Chip private-sector consensus. Even CBO Concedes "Slight Differences" Account for Almost Entire Gap Between Administration and CBO Baselines. To quote CBO: "Although the Administration's economic projections are similar to CEO's projections that incorporate the effects of balancing the budget, slight differences in economic outlook essentially account for the entire $60 billion difference in the baseline projections of the deficit in 2002. " [CBO, 3/3/97] Yesterday, CBO Certified That Special Measures We Have Identified Would Indeed Bring the Deficit Down to Zero. If our assumptions do not prove correct, we will pursue an expedited process with Congress to agree on how to close any budget gap. If that process breaks down, we have identified contingency measures to reach balance by 2002. Those measures include the sunsetting of most of our tax provisions in 2001 and an across-the-board reduction in spending (except Social Security). The discretionary spending reductions would start in 2001 and the reductions in mandatory programs would begin in 2002. Today's CBO study shows that these measures -- which we believe will be unnecessary -- will work to bring the deficit down to zero. Look How Far We Have Already Come. Two years ago, the President and Congress were embroiled in a budget battle that lasted straight into the next year. And unlike any other year since 1981 when the opposing party controlled the Congress, the President's budget has not been deemed "dead on arrival." Now, CBO has certified that the President's plan reaches balance by 2002. The President's 1993 plan made the task of balancing the budget easier. That year, President Clinton inherited a record $290 billion deficit. Four years later, the deficit has been cut 63% and is a smaller share of GDP than any other major economy in the world. Now, it's time to finish the job. We Have Put a Real, Credible Plan on the Table. The President has submitted a balanced budget plan this year that even CBO certifies as being in balance by 2002. If some in Congress want to criticize that their tax cuts, what programs they would cut, how much they would invest in education, and how much they would cut Medicare and Medicaid. Automated Records Management System Hex-Dump Conversion