    [Public Papers of the Presidents of the United States: George W. Bush (2007, Book II)]
    [August 23, 2007]
    [Page 1107]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on the Federal Budget
    August 23, 2007

        Today's deficit estimate release by the Congressional Budget Office
    is good news for American taxpayers. Like the estimates put forward by
    the Office of Management and Budget, it shows that our Government is on
    a path to meeting the goal I set forth of putting the budget into
    surplus by 2012. Balancing the budget requires keeping the economy
    strong, keeping tax rates low, and keeping spending in check.
        Through tax relief, we cut taxes for American families and reduced
    tax rates on dividends and capital gains, energizing small businesses to
    invest and expand. And since we lowered these important tax rates, the
    economy has created more than 8 million jobs, increased wages, and grew
    tax revenues that will lead to a surplus.
        Continued spending restraint is a critical element for accomplishing
    a balanced budget. I again urge Congress to pass spending bills by the
    end of the fiscal year without wasteful earmarks, without raising taxes,
    and in regular order, one at a time and on time. Congress has an
    opportunity to rise to the occasion and work with my administration to
    accomplish a balanced budget without raising taxes, and I hope they will
    do so upon their return to Washington in September.

    Note: The Office of the Press Secretary also released a Spanish language
    version of this statement.