Richard Nixon: “Perhaps in saying that nothing is impossible, that was an exaggeration.”

I am pleased that in this bill the Congress has expressed support for our objectives by authorizing $22.2 billion for military procurement purposes during fiscal year 1975.

Two weeks ago, I vowed to the American people that any appropriations bill substantially above my budget for fiscal year 1975 would be vetoed.

This legislation exceeds my budgetary recommendations by such a large amount--some $540 million--that it presents a clear and distinct threat to our fight against inflation and cannot be accepted.

I have never been a quitter. To leave office before my term is completed is abhorrent to every instinct in my body. But as president, I must put the interests of America first. Therefore, I shall resign the presidency effective at noon…