http://www.whitehouse.gov/news/releases/2007/11/print/20071113-7.htmlFor Immediate Release
Office of the Press Secretary
November 13, 2007
President Bush Visits Indiana, Discusses Budget
The Grand
New Albany, Indiana
Video (Windows)
Presidential Remarks
Audio
12:43 P.M. EST
THE PRESIDENT: ..............
Just a few weeks after the terrorist attacks of September the 11th, 2001, our economy was growing. Think about that. After the worst attack on American soil, where nearly 3,000 of our citizens died, this economy recovered. That's a resilient economy. After Katrina -- two quarters after the devastation of Katrina, our economy grew at a powerful rate of 4.8 percent. Despite the ongoing costs and uncertainty of war, the budget deficit is low. And the reason is clear: This economy is flexible, it is dynamic, and it is competitive enough to overcome any challenge we face. And the responsibility of Washington -- in Washington, of people in Washington, is to keep it that way. And that's what I want to talk about with you today.
One of the keys to meeting economic challenges is wise policy from your federal government. Wise policy helps keep us resilient; lousy policy
As we debate the decisions, you got to understand there are two very different philosophies being played out. My philosophy is that the American people know how to spend their money better than the government can. That's the core of my philosophy, that I'd rather you have more of your own money to spend, safe and invest as you see fit. Every time the government collects a dollar in taxes, it means you have a dollar less to invest in your business, or to spend on your family, or to put aside for the future. Government has certain responsibilities, such as protecting our citizens -- and we're going to meet those responsibilities. But we must always remember that your paycheck belongs to you -- and that economy thrives the more money you have in your pocket.
The philosophy has been the centerpiece of my economic policy since I've been honored to be your President. Since I took office, we've cut taxes for every American who pays income taxes. We've worked to restrain spending, while ensuring that we have the resources necessary to protect the homeland and to make sure our military has what it needs to do the job. We set a goal to balance the budget by 2012, and we're on pace to meet that goal.
Now, there's a different philosophy in Washington. I'm not saying these aren't good people; they are. They just have a different point of view. Instead of trusting in the judgment of the people, they trust in the judgment of the federal government. They believe in a federal solution to every problem -- and somehow, that solution always seems to include raising your taxes.
Congress now sitting in Washington holds this philosophy. The majority was elected on a pledge of fiscal responsibility, but so far it's acting like a teenager with a new credit card. This year alone, the leadership in Congress has proposed to spend $22 billion more than my budget provides. Now, some of them claim that's not really much of a difference -- the scary part is they seem to mean it. Over five years, their proposed spending spree adds up to an extra $205 billion. Put another way, that's about $1,300 in higher spending every second, of every minute, of every hour, of every day, of every year for the next five years.
Think about what it means for you. If you're driving a half hour to visit your grandparents, Congress would have spent an extra $2.3 million. If you attend church for an hour, Congress will tally another $4.7 million. If you watch a football game, Congress would rack up $14 million -- unless, of course, it goes into overtime. (Laughter.)
It's easy for politicians to claim that this spending won't have much of an impact on you. But you got to understand that when the bill for all that spending comes due, Congress is going to turn to the working people, to the small business owners and the entrepreneurs.