President Clinton announced his economic program in his first address to a joint session of Congress. He proposed a stringent system of tax increases and spending cuts intended to reduce the federal deficit by 38 percent over four years while revitalizing the nation’s economy. The president’s remarks were interrupted by applause numerous times. Federal Reserve Chairman Alan Greenspan was seated next to the president’s wife, Hillary, in the gallery. This speech was described by the White House as an address to the Congress rather than a State of the Union Address.