Together these tax cuts have left nearly $1.1 trillion in the hands of American small business owners, workers, and families. And you have used this money to help spur an economic resurgence that has produced 18 straight quarters of growth.

Some in Washington think the choice is between cutting taxes and cutting the deficit. This week's numbers show that this is a false choice. The economic growth fueled by tax relief has helped send tax revenues soaring. When the economy grows, businesses grow with it, people earn more money, and they pay taxes on this new income.

In 2005, tax revenues posted the largest increase in 24 years, and they're projected to rise again this year. The increase in tax revenues is much better than we had projected, and it is helping us cut the budget deficit.

Our original projection for this year's budget deficit was $423 billion. This week's report from OMB projects that this year's deficit will actually come in at $296 billion, a reduction of $127 billion. That is a tremendous difference, and 90 percent of it is because our growing economy has produced a lot more tax revenues.

Because of these new revenues, we now project that we'll meet our goal of cutting the federal deficit in half by 2008, a full year ahead of schedule. This is real progress, yet we cannot depend on a growing economy alone to cut the deficit. We must also cut waste and restrain unnecessary government spending. And my administration is doing its part.

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