Bill Clinton: “I don't know what they'll say. But we've been working on this for quite some time now, and it's a part of an ongoing…”

“I don't know what they'll say. But we've been working on this for quite some time now, and it's a part of an ongoing strategy. And we started in 1993 by driving the interest rates down, and in that year alone, something like 5\1/2\ million people refinanced their home mortgages. So many American middle class working people, starting with young people like the Kastens, have all their savings in a home. And we just feel that anything we can do to facilitate people buying their own homes and to speed the process along will increase savings in America, increase security, and support families. So that's what we're trying to do. We're trying to get--we have, I think, about 3.7 million new homeowners since I became President, and we're working on a target of 8 million by the year 2000. If we can get to 8 million, then we'll have homeownership at two-thirds of the American people; it will be the highest it's ever been in American history. That's what we're trying to do. [At this point, Housing and Urban Development Secretary Henry Cisneros explained administration actions to reduce closing costs for home buyers.] Balanced Budget Amendment”