Statement by Assistant
to the President for Press Relations Fitzwater on the Unemployment Rate and
Deficit Reduction
Total
employment in November rose by 327,000, and the unemployment rate declined by
.1 percent to 5.8 percent. Especially encouraging is that manufacturing
employment rose by 69,000 jobs, with widespread gains in most industrial
categories. The economic expansion continues into its 60th month, and the signs
indicate that the expansion will continue much longer. The strong employment
growth in November is one sign that confidence in the economy remains
steadfast. This is especially encouraging in view of the recent stock market
declines.
As
the unemployment rate continues to improve, the new deficit reduction agreement
keeps swiftly making its way through the legislative process. The Senate
Finance Committee has reported out a revenue package that is in keeping with
the budget agreement approved by the President. While we do have some
reservations about some of the provisions, we commend Senator Lloyd Bentsen and
his committee for their quick and dedicated action on this important piece of
the economic puzzle.
On
the spending side, we have serious concerns about the omnibus spending bill.
First, it does not specifically include the $2.6 billion in discretionary
spending cuts called for by the agreement between the President and
congressional leadership. Second, it does not continue the important aid to the
Nicaraguan resistance. And it contains various extraneous provisions that do
not belong.
The
administration is continuing to work closely with the appropriate committees to
ensure a responsible budget package, one that maintains the integrity of the
deficit reduction package. We urge the leadership to quickly and fully
implement all aspects of the budget agreement.