Our economy is now experiencing solid economic growth - 3.5%, almost 5 million new jobs have been created since full implementation of the tax cuts in 2003, and unemployment is historically low at 4.7%. More Americans are working and they are taking home more in their paychecks.
And because the economy is growing, tax revenues are up, which helps our budget. Now is not the time to risk losing ground by raising taxes. Instead, we must continue pro-growth policies and tighten our fiscal belts in order to cut the deficit in half by 2009. I will work closely with the Congress on a bipartisan basis to prioritize essential spending that meets our national priorities while reducing spending elsewhere.
If confirmed, I will also continue the good work already underway at OMB to make government work better for taxpayers. I want to recognize the leadership of Deputy Director for Management Clay Johnson in improving government performance.
That's why I am delighted the President has chosen to nominate Deputy USTR, Ambassador Susan Schwab, to be the next United States Trade Representative.
Having worked side by side with Susan these past months, I have every confidence in her leadership. With her at the helm, USTR won't miss a beat.
Mr. President, I couldn't do this job without the blessing and support of my family. I can happily report that Sally, Will, Jed and Jane -- who is with us this morning – have all given their blessing and approval, partly because my travels will take me home to Cincinnati more instead of around the world.
Thank you, Mr. President, again for this great honor and opportunity.
United States Trade Representative
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