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America is ready. Since we really mean it, and since we're serious about being ready to meet our challenge, we're getting our own house in order. We have made real progress. Seven years ago, the Federal deficit was 6 percent of our gross national product, 6 percent. In the new budget I sent up two days ago the deficit is down to 1 percent of GNP. That budget brings Federal spending under control.

Each added percentage point per year of real GNP growth will lead to cumulative reduction in deficits of nearly $200 billion over 5 years. To move steadily toward a balanced budget, we must also lighten government's claim on our total economy. We will not do this by raising taxes. We must make sure that our economy grows faster than the growth in spending by the Federal Government.

As a result of these policies and programs, the energy efficiency of the American economy has improved markedly and investments in renewable energy sources have grown significantly. It now takes 3 1/2 percent less energy to produce a constant dollar of GNP than it did in January 1977.

Each added percentage point per year of real GNP growth will lead to cumulative reduction in deficits of nearly $200 billion over 5 years. To move steadily toward a balanced budget, we must also lighten government's claim on our total economy. We will not do this by raising taxes. We must make sure that our economy grows faster than the growth in spending by the Federal Government.

As a result of these policies and programs, the energy efficiency of the American economy has improved markedly and investments in renewable energy sources have grown significantly. It now takes 3 1/2 percent less energy to produce a constant dollar of GNP than it did in January 1977.

America is ready. Since we really mean it, and since we're serious about being ready to meet our challenge, we're getting our own house in order. We have made real progress. Seven years ago, the Federal deficit was 6 percent of our gross national product, 6 percent. In the new budget I sent up two days ago the deficit is down to 1 percent of GNP. That budget brings Federal spending under control.