October 11, 2007
THE PRESIDENT: Just had a meeting with members of my economic team -- and I
thank you all for coming. I particularly want to thank Director of the OMB Jim
Nussle for his briefing on the newest numbers regarding our deficit.
You know, last February, it was projected that our deficit would be $244
billion, and today the Director informed us that the deficit -- actual deficit
is $163 billion. In other words, as a result of the hard work of the American
people, this economy is growing; the growing economy has yielded more tax
revenues than anticipated. And because of fiscal restraint, those tax revenues
went to reduce our deficit.
The deficit today is at 1.2 percent of GDP, which is lower than the average
of the last 40 years. In other words, we have told the American people that by
keeping taxes low we can grow the economy, and by working with Congress to set
priorities we can be fiscally responsible and we can head toward balance. And
that's exactly where we're headed.
Now the fundamental question is whether the United States Congress will work
constructively with the administration to keep taxes low and to keep spending
sound. I look forward to working with members of both parties to continue
keeping this -- keeping our fiscal house in order, to continue to head for a
balanced budget. But it's going to require the Congress to show fiscal
restraint, fiscal discipline. One of the reasons why the Constitution wisely
gave the President the veto is to help them exercise fiscal discipline and
fiscal constraint.
It's very important for Congress to also understand that they should not be
trying to take money out of the pockets of the small business owners and working
people. One of the reasons why this economy is robust is because taxes are low.
And in order to keep -- make sure that this economy grows we've got to keep them
low. After all, people are working here in America. We've had 49 consecutive
months of uninterrupted job growth, which is a record. And we intend to keep
breaking that record by good fiscal policy here in Washington, D.C.
I want to thank you all for your briefing. Thanks for coming by.
END 1:07 P.M. EDT
