For 209 years it has been the President's duty to report to you on the state of the Union. Because of the hard work and high purpose of the American people, these are good times for America. We have more than 14 million new jobs; the lowest unemployment in 24 years; the lowest cor inflation in 30 years; incomes are rising; and we have the highest homeownership in history. Crime has dropped for a record five years in a row. And the welfare rolls are at their lowest levels in 27 years. Our leadership in the world is unrivaled. Ladies and gentlemen, the state of our Union is strong. (Applause)
With barely 700 days left in the twentieth century, this is not a time to rest. It is a time to build, to build the America within reach: an America where everybody has a chance to get ahead with hard work; where every citizen can live in a safe community; where families are strong, schools are good and all young people can go to college; an America where scientists find cures for diseases from diabetes to Alzheimer's to AIDS; an America where every child can stretch a hand across a keyboard and reach every book ever written, every painting ever painted, every symphony ever composed; where government provides opportunity and citizens honor the responsibility to give something back to their communities; an America which leads the world to new heights of peace and prosperity.
When I took office, the deficit for 1998 was projected to be $357 billion, and heading higher. This year, our deficit is projected to be $10 million, and heading lower. (Applause.) For three decades, six Presidents have come before you to warn of the damage deficits pose to our nation. Tonight, I come before you to announce that the federal deficit -- once so incomprehensibly large that it has 11 zeroes -- will be, simply, zero. (Applause.) I will submit to Congress for 1999 the first balanced budget in 30 years. (Applause.) And if we hold fast to fiscal discipline, we may balance the budget this year -- four years ahead of schedule. (Applause.)
