ABC News - reports on the Reagan budget - 1981-02

Name: ABC News - reports on the Reagan budget - 1981-02
Uploaded: 2025-02-01
Duration: 1321 s
Channel: malgent
Description: Read a transcript preview of “ABC News - reports on the Reagan budget - 1981-02” from malgent, uploaded on 2025-02-01.

Channel: malgent

Uploaded: 2025-02-01

Duration: PT1321S

Read a transcript preview of “ABC News - reports on the Reagan budget - 1981-02” from malgent, uploaded on 2025-02-01.

Transcript preview

Language: English (original, YouTube automatic captions)

[0:00] that drastic action is on the way

[0:02] President Reagan will make a nationally

[0:04] televised speech from the White House to

[0:06] set forth his view of what is wrong and

[0:08] what must be done to make things right

[0:10] late this afternoon the president called

[0:11] in network correspondents to brief them

[0:14] on what he hopes to accomplish tonight

[0:16] we have a report from Sam

[0:19] Donaldson the president's purpose

[0:21] tonight in a speech he has largely

[0:22] written himself is to alert the country

[0:24] to the economic Peril he believes it's

[0:25] in and to prepare it in a general way

[0:28] for the tough economic proposals he will

[0:30] unveil before Congress later this month

[0:32] Mr Reagan will say that the country is

[0:33] at a point in history at which disaster

[0:35] looms down the road and not too far away

[0:38] an economic catastrophe he told

[0:39] reporters today although he did not

[0:41] Define what that meant he will display a

[0:43] chart which shows government spending

[0:45] has been increasing at a faster rate

[0:47] than government revenues producing ever

[0:49] higher deficits and he will say that

[0:50] those two lines now separating must be

[0:52] brought back to at least parallel and

[0:54] eventually must be made to converge so

[0:56] that the budget will balance the

[0:58] president will explain that the budget

[0:59] will continue to grow in dollar amounts

[1:01] but that the rate of increase in

[1:02] spending must be cut he will repeat one

[1:05] of his favorite sayings you can lecture

[1:07] your kid all you want to about

[1:08] extravagance in spending recklessly or

[1:10] you can cut his allowance the president

[1:12] will say he will propose both tax cuts

[1:14] and spending cuts to g