President Bush Meets with Economic Team
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
fiscalrestraint, 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
fiscalrestraint,
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
fiscalpolicy here in Washington, D.C.
I want to thank you all for your briefing. Thanks for coming by.
END 1:07 P.M. EDT
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