U.S. President George W. Bush said today that a new report showing a nearly $100 billion decrease in the U.S. federal budget deficit proves that his tax-cut policies have worked as his administration expected to strengthen the U.S. economy. The White House's Office of Management and Budget (OMB) reported today that this year's federal budget deficit will drop to $333 billion, $94 billion below earlier estimates. "Today's briefing reminded us about the strength of our economy," Bush told reporters after meeting with his cabinet at the White House. "It's good news today," Bush said, referring to the OMB estimate. "In other words, [tax] revenues are coming in … greater than anticipated. It's a sign that our economy is strong, and it's a sign that our tax-relief plan [and] our pro-growth policies are working." Bush has promised to cut the huge U.S. federal budget deficit in half over the next five years, and he has repeatedly urged Congress to limit spending. "We're ahead of projections now," he said. "These numbers indicate that we're going to cut the deficit in half faster than the year 2009, so long as Congress holds the line on spending." --More 2244 Local Time 1944 GMT
