Bush: Cutting the Federal Deficit

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President Bush says the US has achieved his administration's goal of cutting the federal deficit in half -- three years ahead of schedule

At a White House news conference, the president said it's proof that pro-growth policies work.

Officials today reported that the deficit now sits at just under $248 billion for the fiscal year that ended last month. That's down 22% from a year earlier, and is far lower than what the White House projected earlier in the year.

The president says "good tax policy has a lot to do with keeping the economy strong." And he says he'll continue to urge Congress to make tax cuts permanent.

(Copyright 2006 by The Associated Press. All Rights Reserved.)