The tax relief stimulated economic vitality and growth and it has helped increase revenues to the Treasury. The increased revenues and our spending restraint have led to good progress in reducing the federal deficit. Last month we learned that the deficit is now projected to be $94 billion less than previously expected. I set a goal of cutting the deficit in half by 2009, and we are ahead of pace to meet that goal.
To continue creating jobs and to ensure that our prosperity reaches every corner of America, we're opening markets abroad for our goods and services. This past week, I was proud to sign the Central American-Dominican Republic Free Trade Agreement. This historic agreement will level the playing field for America's workers and farmers, and open up a market of 44 million customers for products made in the United States.
To keep our economy growing we also need affordable, reliable supplies of energy. Next week in New Mexico, I'll sign a bipartisan energy bill that encourages conservation, expands domestic production in environmentally sensitive ways, diversifies our energy supply, modernizes our electricity grid and makes America less dependent on foreign sources of energy. And next Wednesday in Illinois, I'll sign a highway bill th