[ 2006-07-17 10:48 ]

(July 15,2006)

Good morning. This weekend, I am in Russia meeting with other world leaders at the G8 summit. This annual summit gives us a chance to talk about key issues facing all our nations, such as energy security and the threat of infectious diseases like avian flu.

At this year's summit, we will also discuss how to promote the spread of freedom and democracy, and how our countries can work together to expand trade and prosperity for all our citizens.

As the world's economic powers gather for the G8, the American economy remains the envy of the world. And this week we received even more positive news about our economy. On Tuesday, my administration's Office of Management and Budget released its annual update on the budget outlook. This year's report is very encouraging: Because our economy continues to enjoy strong growth, federal tax revenues are growing, and we are cutting the federal deficit faster than expected.

This good news is no accident. It is the result of the hard work of the American people, and pro-growth economic policies in Washington, D.C. Since 2001, we have cut taxes for everyone who pays income taxes, reduced the marriage penalty, doubled the child tax credit, and put the death tax on the road to extinction. We cut tax rates paid by most small businesses and further encouraged expansion by cutting taxes on dividends and capital gains.

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