January 3, 2007 President’s Proposal to Balance the Budget by 2012 "Over the past few years, pro-growth economic policies have generated higher revenues. Together with spending restraint, these policies allowed us to meet our goal of cutting the budget deficit in half three years ahead of schedule. We did so without taxing the working people. We kept taxes low." "The President's tax cuts have laid the foundation for sustained economic growth and job creation. A strong economy means higher revenues to the Treasury. If we can keep our economy growing by continuing with economic policies that keep taxes low and drive job creation and productivity, while restraining spending, we can achieve a balanced budget by 2012." Americans are keeping more of their hard-earned money because of the President's tax cuts.
The President's tax relief boosted economic growth which has generated higher and higher revenues for the federal coffers.
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