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President Bush says it is an exciting time for the U.S. economy which
added more new jobs in the past two-and-a-half years than the European
Union and Japan combined.
He told business leaders in the northern state of New Hampshire that
the $2.7 trillion budget he sent to Congress this week will cut the
federal deficit in half by 2009.
And he warned them against moves by some congressional Democrats to
allow parts of his record tax cuts to expire, as the president says that
would hurt the economy.
"You will hear the argument during the budget debates, you know all the
noise coming out of Washington, that you need to raise taxes in order to
balance the budget," Mr. Bush said. "I've been there long enough to tell
you that's not the way Washington works. They're going to raise your taxes
and they're going to find new ways to spend your money. The best way to
reduce the deficit is to make sure we have pro-growth economic policies in
place and be smart and wise about how we spend your money."
The president also defended proposed cuts in health care and student
loan programs.
Senate Democratic Leader Harry Reid called the budget "immoral," saying
it cuts money for the poor and those least able to afford it, while
favoring wealthier Americans and special interests.
Despite an improving U.S. economy, recent opinion polls show the
president's approval ratings are still below 50 percent. In speeches since
last month's State of the Union address, the president has started
speaking more directly about what he says is American anxiety about the
future.
"One of the interesting things we face here in America is in spite of
the numbers and the economic growth, there is uncertainty," Mr. Bush said.
"Some of the uncertainty comes as a result of competition from places like
India and China. The temptation with [in response to] uncertainty and
competition is to say, 'We can't compete. Let us kind of wall ourselves
off."
President Bush says he rejects protectionism and will keep America the
world's economic leader not by fearing future competition but by shaping
that future with good policies in Washington. | 
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