So let’s put these times in perspective.  Together, since 1981, we’ve created almost 20 million jobs, cut inflation in half and cut interest rates in half.

Yes, the largest peacetime economic expansion in history has been temporarily interrupted.  But our economy is still over twice as large as our closest competitor.

We will get this recession behind us and return to growth soon.  We will get on our way to a new record of expansion, and achieve the competitive strength that will carry us into the next American century.

We should focus our efforts today on encouraging economic growth, investing in the future and giving power and opportunity to the individual.

We must begin with control of Federal spending.  That’s why I’m submitting a budget that holds the growth in spending to less than the rate of inflation.  And that’s why, amid all the sound and fury of last year’s budget debate, we put into law new, enforceable spending caps so that future spending debates will mean a battle of ideas, not a bidding war.

Though controversial, the budget agreement finally put the Federal Government on a pay-as-you-go basis, and cut the growth of debt by nearly $500 billion.  And that frees funds for saving and job-creating investment.

Now, let’s do more.  My budget again includes tax-free family savings accounts; penalty-free withdrawals from I. R. A.’s for first-time homebuyers; and, to increase jobs and growth, a reduced tax for long-term capital gains.

I know their are differences among us about the impact and the effects of a capital gains incentive.  So tonight I am asking the Congressional leaders and the Federal Reserve to cooperate with us in a study, led by Chairman Alan Greenspan, to sort out our technical differences so that we can avoid a return to unproductive partisan bickering.

But just as our efforts will bring economic growth now and in the future, they must also be matched by long-term investments for the next American century.

That requires a forward-looking plan of action, and that’s exactly what we will be sending to the Congress.  We have prepared a detailed series of proposals, that include:  A budget that promotes investment in America’s future—­in children, education, infrastructure, space and high technology.  Legislation to achieve excellence in education, building on the partnership forged with the 50 governors at the education summit, enabling parents to choose their children’s schools and helping to make America No. 1 in math and science.  A blueprint for a new national highway system, a critical investment in our transportation infrastructure.  A research and development agenda that includes record levels of Federal investment and a permanent tax credit to strengthen private R and D and create jobs.  A comprehensive national energy strategy that calls for energy conservation and efficiency, increased development and greater use of alternative fuels.