    [Public Papers of the Presidents of the United States: George W. Bush (2007, Book II)]
    [October 11, 2007]
    [Pages 1301-1302]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Following a Meeting on the National Economy
    October 11, 2007

        I 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.

    [[Page 1302]]

    One of the reasons why this economy is robust is because taxes are low.
    And in order to keep making 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, DC.
        I want to thank you all for your briefing. Thanks for coming by.

    Note: The President spoke at 1:04 p.m. in Room 3015 of the New Executive
    Office Building.