[Weekly Compilation of Presidential Documents Volume 43, Number 28 (Monday, July 16, 2007)]
[Pages 913-914]
[Online from the Government Publishing Office, www.gpo.gov]

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The President's Radio Address

July 7, 2007

    Good morning. This week, we received more good news showing that our 
economy is strong and growing. 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 progrowth 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 3 years, we have also held the growth of annual 
domestic spending close to 1 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 6 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 5 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.

[[Page 914]]

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.
    Thank you for listening.

Note: The address was recorded at 7 a.m. on July 6 in the Roosevelt Room 
at the White House for broadcast at 10:06 a.m. on July 7. The transcript 
was made available by the Office of the Press Secretary on June 6 but 
was embargoed for release until the broadcast. The Office of the Press 
Secretary also released a Spanish language transcript of this address.