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.
As part of a program of fiscal restraint that includes the tax surcharge, I shall approve appropriate reductions in the January budget when and if Congress so decides that that should be done. One thing is unmistakably clear, however. Our deficit just must be reduced. Failure to act could bring on conditions that would strike hardest at those people that all of us are trying so hard to help
So these times call for prudence in this land of plenty. And I believe that we have the character to provide it, and tonight I plead with the Congress and with the people to act promptly to serve the national interest and thereby serve all of our people.
Now let me give you my estimate of the chances for peace -- the peace that will one day stop the bloodshed in South Vietnam; that will -- all the Vietnamese people [will] be permitted to rebuild and develop their land; that will permit us to turn more fully to our own tasks here at home. I cannot promise that the initiative that I have announced tonight will be completely successful in achieving peace any more than the 30 others that we have undertaken and agreed to in recent years. But it is our fervent hope that North Vietnam, after years of fighting that has left the issue unresolved, will now cease its efforts to achieve a military victory and will join with us in moving toward the peace table.
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