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Secretary, Donald Regan, Congress discussed on American History TV


Do you do I have a re opening statement here before I take your questions yesterday secretary of the treasury Donald Regan sent to the Congress have request to raise the debt ceiling to nine hundred and eighty five billion dollars this represents a dramatic jump of fifty billion dollars over the previous debt ceiling the administration took this action with great regret because it's clear that the massive deficits are government runs is one of the root causes of our profound economic problems and for too many years this process has come too easily for us we live beyond our means and then finance star extravagance on the backs of the American people the clear message I received in the election campaign is that we must gain control of this inflationary monster let me briefly review of the American people what we've already done within moments of taking the oath of office I placed a freeze on the hiring of civilian employees in the federal government two days later I issued an order to cut down on government travel reduce the number of consultants to the government stop the procurement of certain items and called on my appointees to exercise restraint in their own offices yesterday I announced the elimination of remaining federal controls on U. S. oil production and marketing today I'm announcing two more actions to reduce the size of the federal government first time taking major steps toward the elimination of the council on wage and price stability this council has been a failure it has been totally ineffective in controlling inflation and it's imposed unnecessary burdens on labor and business therefore I am now ending th the wage and price program of the council finally managing a staff that carries out its wage pricing activities and I'm asking Congress to rescind its budget saving the taxpayers some one and a half million dollars a year my second decision today is a directive ordering key federal agencies to freeze pending regulations for sixty days this section gives my administration time to start a new regulatory oversight process and also prevent certain last minute regulatory decisions of the previous administration the so called midnight regulations from taking effect without proper review and approval all of us should remember that the federal government is not some mysterious institution composed prized of buildings files and papers the people are the government what we create we ought to be able to control I do not intend to make wildly skyrocketing deficits and runaway government simple facts of life in this administration as I've said to our ills have come upon us over several decades and they will not go away in days or weeks or months I want the American people to know that we have begun now I'll be happy to take your questions hello when you on V. one of revenge reconciliation United.

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