[Weekly Compilation of Presidential Documents Volume 43, Number 34 (Monday, August 27, 2007)]
[Page 1114]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.