Balanced budget needed for the entire generation

By Hillary Rodham Clinton

The evening before the President was to sign the historic balanced budget agreement, there was a discussion at the White House about who would attend the South Lawn ceremony. With members of Congress and other dignitaries set to come, space would be tight.

There was concern that there might not be room for the interns -- the young people who spend the summer as volunteers at the White House. Someone pointed out that the interns were the most important guests of all. They had to be invited for the simple reason that the balanced budget was for them and for the entire generation that will lead our nation into the 21st century. Extra chairs were brought in. And as I looked out over the crowd at the signing, it gave me real joy to see their young faces.

The balanced budget the President signed is historic. There has never been a national budget that has done more to support America's parents in the hard work of raising their children and sending them to college. The budget meets this responsibility in three crucial ways.

First, it is good for our economy, and a strong economy is good for our families. Since my husband came to office, the federal deficit has been reduced by more than 80 percent. That, in turn, has sparked the prosperity we enjoy today. By finishing the work of balancing the budget, we will continue to keep interest rates down, investment up and our economy on track.

What's more, by putting our fiscal house in order, we will see to it that when it is our children's turn to lead America, they will have the freedom to invest in their national priorities. They won't have to expend resources paying off reckless spending run up by previous generations. Children should not be responsible for their parents' bills. This budget sees to it that they won't be.

Second, this balanced budget makes it easier for families to raise their children. Roughly 27 million families that earn less than $110,000 and have children under the age of 17 will be eligible for a $500-per-child tax credit. For hard-working parents -- from firefighters and nurses to police officers and teachers -- that could mean extra money for a mortgage, school supplies or repairs on a car that doesn't act quite as reliably as it used to.

One of the biggest concerns parents have is health care. I've been told by countless parents that their main worry is whether they will be able to afford medical attention for a sick child. This balanced budget will help extend health insurance coverage to up to 5 million children -- for everything from regular checkups to antibiotics to major surgery. Our $24 billion investment -- paid for in part by a 15-cents-a-pack tax on cigarettes -- marks the largest expansion of children's health coverage since the passage of Medicaid in 1965

Another big concern families have is education: Parents wonder if their children are learning what they need to know; they worry about how they will pay for a child's college tuition.

This landmark agreement will help. Now, parents will get added support sending their children to college, with $35 billion in tax relief to help pay for education and training. That includes a $1,500 Hope Scholarship for the first two years of college as well as a 20 percent tuition tax credit for the last two years of college and for education throughout a lifetime.

This balanced budget also contains the most significant increase in education funding in more that 30 years. It will expand Head Start and fund the President's literacy initiative for children.

Combined with other reforms that will make it easier for families to buy and sell a home or to save money in tax-free accounts for education, these tax credits and initiatives will lighten the heavy load America's parents are carrying.

Third, this balanced budget helps families by supporting those sectors of society that support us all. Families can't go it alone. It takes a village. And this budget strengthens the village in important ways.

The budget agreement will help to make our neighborhoods safe by continuing the President's effort to put 100,000 community police officers on the streets. Public schools that are falling down will be rebuilt. By tripling the number of empowerment zones across the country, this budget will bring new hope to families who live in hard pressed inner cities and rural areas. The budget also includes funds to clean up toxic waste sites and to preserve the National Parks that millions of families visit on vacation.

This balanced budget is about more than dollars and cents; it is a reflection of who we are as a people. The bipartisan agreement shows that our leaders can come together across party lines to do the right thing for America. It shows that we will support our parents and families as we prepare for the 21st century. It shows, truly, that we can put our values into action.

-- Creators Syndicate