THE PRESIDENT:







Good morning.







This week, we received more good news showing



that our economy is strong and growing. The



Department of Labor reports that our economy



has now created jobs for 46 consecutive months.



America added 132,000 jobs in June, and that



means our economy has added more than 8.2



million new jobs since August of 2003.



Unemployment is low, consumer confidence is



high, incomes are rising, and opportunity is



growing across America.







Our Nation's strong economy is no accident. It is



the result of the hard work of the American people



and pro-growth policies in Washington. Starting in



2001, my Administration delivered the largest tax



relief since Ronald Reagan was in the White House.



Our tax relief has left $1.1 trillion in the hands of



citizens like you to save, and spend, and invest as



you see fit.







Over the past three years, we have also held the



growth of annual domestic spending close to one



percent -- well below the rate of inflation. The



result is a thriving and resilient economy that is



the envy of the world.







Over the past six years, our economy has



overcome serious challenges: a stock market



decline, recession, corporate scandals, an



attack on our homeland, and the demands of



an ongoing war on terror. Despite these obstacles,



our economy recovered and tax revenues soared,



and America is now in a position to balance the



Federal budget. To achieve this goal, I sent



Congress a budget plan this February that would



keep taxes low, restrain Federal spending, and



put us in surplus by 2012.







Next week, my Administration will release a report



called the Mid-Session Review, which will provide



you with an update on our Nation's progress in



meeting the goal of a balanced budget. We know



from experience that when we pursue policies of



low taxes and spending restraint, the economy



grows, tax revenues go up, and the deficit goes



down.







Democratic leaders in Congress want to take our



country down a different track. They are working



to bring back the failed tax-and-spend policies of



the past. The Democrats' budget plan proposes



$205 billion in additional domestic spending over



the next five years and includes the largest tax



increase in history. No nation has ever taxed and



spent its way to prosperity. And I have made it



clear that I will veto any attempt to take America



down this road.







Democrats in Congress are also behind schedule



passing the individual spending bills needed to



keep the Federal government running. At their



current pace, I will not see a single one of the



12 must-pass bills before Congress leaves



Washington for the month-long August recess.



The fiscal year ends September 30th. By failing



to do the work necessary to pass these important



bills by the end of the fiscal year, Democrats are



failing in their responsibility to make tough decisions



and spend the people's money wisely.







This moment is a test. Under our Constitution,



Congress holds the power of the purse.



Democratic leaders are in control of Congress.



They set the schedule for when bills are considered.



They determine when votes are held.







Democrats have a chance to prove they are for



open and transparent government by working



to complete each spending bill independently



and on time. I urge Democrats in Congress to



step forward now and pass these bills one at



a time.







As they do, I will insist they restrain spending



so we can keep our government running --



while sustaining our growing economy and getting



our budget into balance. And to help achieve these



goals, I call on the Senate to act on my nomination



of Jim Nussle as Director of the Office of



Management and Budget. Jim is a former Chairman



of the House Budget Committee, and he will be a



strong advocate for protecting your tax dollars



here in Washington.







By setting clear budget priorities and maintaining



strong fiscal discipline, we can promote economic



growth and bring our budget into balance. Our



Nation has the most innovative, industrious, and



talented people on the face of the Earth. And



when we unleash the entrepreneurial spirit of



our country, there is no limit to what the American



people can achieve, or the hope and opportunity



we can pass on to future generations.
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