○  BushsspeechafterRussiameetingatG8summit  ○

shelpinguscutthebudgetdeficit.

ouroriginalprojectionforthisyear''sbudgetdeficitwas$423billion.thisweek''sreportfromombprojectsthatthisyear''sdeficitwill

actuallycomeinat$296billion,areductionof$127billion.thatisatremendousdifference,and90percentofitisbecauseourgrowingeconomyhasproducedalotmoretaxrevenues.

becauseofthesenewrevenues,wenowprojectthatwe''llmeetourgoalofcuttingthefederaldeficitinhalfby2008,afullyearaheadofschedule.thisisrealprogre,yetwecaotdependonagrowingeconomyalonetocutthedeficit.wemustalsocutwasteandrestrainuecearygovernmentending.andmyadministrationisdoingitspart.

everyyearsinceitookofficewehavereducedthegrowthofdiscretionaryendingthatisnotrelatedtonationalsecurity.mylasttwobudgetshaveactuallycutthiskindofending.iamalsoworkingwithcongretopaalineitemveto,whichwillhelpmeandfuturepresidentstargetwastefulendingthatlawmakerstackontolargebills.thehousehasalreadypaedthismeasurewithsignificantbipartisansuort.nowthesenateneedstoactandgetalineitemvetotomydesktosignintolaw.

finally,iwillcontinuetoworkwithcongretoaddretheuustainablegrowthofentitlementendingsothatwecansaveprogramslikesocialsecurity,medicare,andmedicaidforourchildrenandgrandchildren.

thisweek''sgoodnewsconfirmsthewisdomoftrustingtheamericanpeoplewiththeirownmoneyandbeingwisewiththemoneytheysendtowashington.bypursuingpro-growthpoliciesandrestraininggovernmentending,wewillkeepoureconomytheenvyoftheworld.wewillcreatemorejoandoortunitiesforallourcitize,andwewilldeliverresultsfortheamericantaxpayer.

thankyouforlistening.

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