Two years ago, I began planning cuts in military spending that reflected the changes of the new era.  But now, this year, with Imperial Communism gone, that process can be accelerated.  Tonight I can tell you of dramatic changes in our strategic nuclear force.  These are actions we are taking on our own, because they are the right thing to do.

After completing 20 planes for which we have begun procurement, we will shut down production of the B-2 bomber.  We will cancel the ICBM program.  We will cease production of new warheads for our sea-based missiles.  We will stop all production of the peacekeeper missile.  And we will not purchase any more advanced cruise missiles.

This weekend I will meet at Camp David with Boris Yeltsin of the Russian Federation.  I have informed President Yeltsin that if the commonwealth, the former Soviet Union, will eliminate all land-based multiple-warhead ballistic missiles, I will do the following:  We will eliminate all Peacekeeper missiles.  We will reduce the number of warheads on Minuteman missiles to one and reduce the number of warheads on our sea-based missiles by about one-third.  And we will convert a substantial portion of our strategic to primarily conventional use.

President Yeltsin’s early response has been very positive, and I expect our talks at Camp David to be fruitful.  I want you to know that for half a century, American presidents have longed to make such decisions and say such words.  But even in the midst of celebration, we must keep caution as a friend.  For the world is still a dangerous place.  Only the dead have seen the end of conflict.  And though yesterday’s challenges are behind us, tomorrow’s are being born.

The Secretary of defense recommended these cuts after consultation with the joint chiefs of staff.  And I make them with confidence.  But do not misunderstand me:  The reductions I have approved will save us an additional $50 billion over the next five years.  By 1997 we will have cut defense by 30 percent since I took office.  These cuts are deep, and you must know my resolve:  this deep, and no deeper.  To do less would be insensible to progress, but to do more would be ignorant of history.  We must not go back to the days of “the hollow army”.  We cannot repeat the mistakes made twice in this century when armistice was followed by recklessness and defense was purged as if the world was permanently safe.

I remind you this evening that I have asked for your support in funding a program to protect our country from limited nuclear missile attack.  We must have this protection because too many people in too many countries have access to nuclear arms.  There are those who say that now we can turn away from the world, that we have no special role, no special place.  But we are the United States of America, the leader of the West that has become the leader of the world.

As long as I am President we will continue to lead in support of freedom everywhere, not out of arrogance and not out of altruism, but for the safety and security of our children.  This is a fact:  Strength in the pursuit of peace is no vice; isolationism in the pursuit of security is no virtue.