Per whitehouse press briefing web site, DIRECTOR PORTMAN was given the President FY 2008 five-year budget. The President transmitted to the Congress the FY 2008 five-year budget February 4, 2007. He emphasized that it contains good news for the American people.

Over the past two years the white house have worked with Congress to reduce the deficit by $165 billion in order to achieve a balanced budget: The charts shows the budget reduces deficits every year and results in a surplus in 2012. In FY07, projects that deficit will decline to $244 billion, a reduction of $95 billion since the last estimate in July 2006; $244 billion is the difference between total spending of just under $2.8 trillion, and total receipts of just over $2.5 trillion. Director Polman also explaines that The deficit in 2008 falls again. This projected deficit is 1.6 percent, as a percent of our economy, which is really the key measurement, because it shows the impact of government deficits on economic activity. The projected FY08 deficit is lower than 18 of the past 25 years as a percent of our economy. The deficit then continues to decline each year, both in nominal terms and as a percent of the economy until they reach a budget surplus of $61 billion in 2012.

Courtesy of whitehouse

Director Polman explains that the pro-growth policies that have helped fuel the robust economy and the increased revenues in order to keep the economy vibrant. The 2008 budget continues to support growth, innovation and investment by making permanent the President's tax relief which would otherwise expire in 2010. In addition to tax policy, the budget will also strengthen our ability to compete in the global economy.

The budget shows that they can achieve the balance by keeping the economy strong and by imposing realistic spending restraint, while investing in our nation's priorities. We are committed to the hard work ahead, to ensure that our fiscal house is in order, for the near-term and for the longer-term.

Click to see detailed information www.omb.gov.

WASHINGTON — Here are details of President Bush's budget for the major federal agencies. Spending is the total amount proposed for the agency in the fiscal year beginning Oct. 1. The percentage change is based on 2007 spending estimated by the Bush administration; 2007 spending levels for most federal agencies still have not been enacted by Congress. Mandatory spending is the amount required by programs, like Medicare and Food Stamps, where the government is legally bound to make payments to all eligible recipients.

The President’s FY2008 Budget reduces the deficit each year and reaches a balanced budget within five years. A strong economy and better spending restraint will help us achieve this goal, while continuing to invest in the Nation’s prosperity and security.

President Bush strongly believes that " The congress needs to listen to a budget which says no tax increase and a budget, because of fiscal discipline, that can be balanced in five years"

References:

Press Briefing by OMB Director Rob Portman on the President's Fiscal Year 2008 Budget

The president's entire proposed budget for fiscal year 2008.

In Focus: Budget 2008

2008 Budget Fact Sheets

Budget Charts