[Weekly Compilation of Presidential Documents Volume 43, Number 41 (Monday, October 15, 2007)]
[Page 1324]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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. 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.