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For Immediate Release
Office of the Press Secretary
July 19, 2007
Fact Sheet: Balancing the Budget While Keeping Taxes Low
President Bush's Pro-Growth Policies Are Helping Reduce The Deficit And
Keep Our Economy Growing
In Focus: Budget Management
Today, President Bush Visited Nashville, Tennessee, Where He Discussed How We Can Keep Our Economy Growing, Keep Taxes Low, And Stay On Track To Balance The Federal Budget. The President believes the American people know how to spend their money better than the government - so government should restrain spending and keep taxes low. Since the President took office, we have cut taxes for everyone who pays income taxes, doubled the child tax credit, reduced the marriage penalty, cut taxes on dividends and capital gains, and put the Federal death tax on the road to extinction.
The President's Tax Relief Has Helped Grow Our Economy And Put Us On The Path To A Balanced Budget
Since The Tax Cuts Took Full Effect In 2003, Our Economy Has Added More Than 8.2 Million Jobs In 46 Months Of Uninterrupted Job Growth. In addition, since tax relief legislation was first enacted in 2001, our economy has expanded by more than $1.9 trillion - an amount larger than the entire economy of Canada.
The Tax-And-Spend Policies Proposed By Democrats Would Threaten Economic Growth And Deficit Reduction
Democrats Passed A Budget Resolution That Calls For $205 Billion In Additional Domestic Spending Over The Next Five Years - And Will Lead To The Largest Tax Increase In American History. In addition, Democrats' budget resolution contains no plan to slow the growth of entitlement programs, which is our Nation's biggest budgetary challenge.
The President Will Veto Appropriations Bills That Threaten Deficit Reduction With Overspending. Democrats' tax-and-spend policies are policies of the past. The President proposed a responsible level of discretionary spending in his FY 2008 Budget, and he will veto annual spending bills that exceed this level.
President Bush Calls On Democrats In Congress To Pass The 12 Basic Spending Bills Needed To Keep The Federal Government Running. At the rate they are now going, Democrats will have passed none of these bills before they go on their August recess. When they return, they will have less than a month before the fiscal year ends on September 30th. Democrats should get their work done and pass each bill individually by the October 1 deadline.
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