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Updated: June 9, 2025


It will be helpful to ourselves and it will improve conditions among our debtors if funding and the settlement of defaulted interest may be negotiated. The previous Congress, deeply concerned in behalf of our merchant marine, in 1920 enacted the existing shipping law, designed for the upbuilding of the American merchant marine.

Last year, Congress reauthorized both the CDBG and UDAG programs. The CDBG program was reauthorized for three more years with annual funding increases of $150 million, and the UDAG program was extended for three years at the current funding level of $675 million annually. My 1982 budget requests full funding for both of these programs.

There was no money in the treasury to pay the ordinary charges of government; there was no revenue and no policy for raising one, or for funding the debt. This picture is darkly drawn, but it is not exaggerated.

It also proposes responsible tax reductions to encourage a more productive economy, and adequate funding of our highest priority programs within an overall policy of constraint. Fiscal restraint must be continued in the years ahead.

But the beliefs are themselves parts of the sum total of the world's experience, and become matter, therefore, for the next day's funding operations. So far as reality means experienceable reality, both it and the truths men gain about it are everlastingly in process of mutation-mutation towards a definite goal, it may be but still mutation. Mathematicians can solve problems with two variables.

We are protected from attack only by vigorous action abroad, and increased vigilance at home. My budget nearly doubles funding for a sustained strategy of homeland security, focused on four key areas: bioterrorism, emergency response, airport and border security, and improved intelligence. We will develop vaccines to fight anthrax and other deadly diseases.

This has induced Congress, from 1837, to resort to the expedient of issuing Treasury notes, and finally of funding them, in order to supply deficiencies.

I am proud that this Administration has been able to provide the financial means to realize many of our legislative and administrative goals. Compared to the previous administration's last budget, I have requested the largest overall increase in Federal funding for education in our nation's history.

We will seek reauthorization and expanded funding for the Superfund program to continue cleaning up hazardous waste sites which threaten human health and the environment. Now, there's another great heritage to speak of this evening.

Whereupon there fell upon him blows like rain drops and the servants of the treasure flocked to him and dealt him a funding which he forgot not in all his days; after which they thrust him forth and threw him down without the treasure and the hoard doors closed of themselves, whilst the waters of the river returned to their bed.

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