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$President George W. Bush delivers remarks on the Fiscal Year 2008 budget Wednesday, July 11, 2007, in the Eisenhower Executive Office Building. The President\'s budget lays out a detailed plan to balance the budget by 2012 while keeping taxes low. White House photo by Eric Draper$

THE PRESIDENT’S 2008 BUDGET
Reducing Deficits Each Year and
Balancing the Budget by 2012

The President’s FY2008 Budget reduces the deficit each year and reaches a balanced budget within five years. A strong economy and better spending restraint will help us achieve this goal, while continuing to invest in the Nation’s prosperity and security.

Keeping the Economy Strong

The Budget makes tax relief permanent to ensure our strong economic growth continues.
Since the President’s tax relief took effect, increased innovation and investment has created more than 7 million new jobs, and helped boost wages.
Pro-growth polices that focus on providing quality education, affordable health care, energy security, and making Americans more competitive will sustain economic growth and prosperity for future generations of all Americans.

Spending Taxpayers Dollars Wisely

The Budget holds the growth in non-security discretionary spending to one percent, well below the rate of inflation.
Budget reforms, including comprehensive earmark reform and a legislative line-item veto, will help eliminate wasteful and unnecessary spending.
Sensible reforms are needed to slow the unsustainable growth of entitlement spending.

Combating Terrorism and Protecting the Homeland

The Budget supports our troops fighting terrorism, strengthens our military for the future, supports our efforts on the diplomatic front and protects our homeland from attack.
This Budget improves the timeliness and specificity of the information provided to Congress and the American public about the cost of the war.
It shows the full cost of the war through the rest of the President’s term –and also provides detailed justifications.