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Deficit halved 2 years early

Three years ago, skeptics scoffed. Now they're eating crow.

Three years ago, President Bush established the goal of cutting the federal budget deficit by half in five years, without raising taxes. At the time, many — including USA TODAY— expressed skepticism. But it was achieved last year, three years ahead of schedule. Now is the time to build on that success and work with Congress to balance the budget in the next five years.

On Feb. 5, the president will propose the customary five-year budget, showing declining deficits every year and a surplus in 2012.

Getting to balance requires both keeping the economy strong and keeping federal spending under control.

Key to the first is continuing pro-growth policies — including tax relief — that have helped fuel our robust economy. Since the president's tax relief became fully effective in 2003, we've seen a dramatic increase in business investment, more thanseven million new jobs created and higher wages for American workers. This stronger economy has also generated record revenues over the past two years, cutting our deficit by more than$150 billion. This is why it is so important to balance the budget without raising taxes and not put our economy at risk.

Key to the second condition is setting budget priorities and stopping unnecessary orwasteful spending. Fiscal restraint while investing in our national security is equally important to a balanced budget.

The president's budget will demonstrate how balance can be achieved by using cautious economic and revenue projections in line with forecasts by outside experts. On spending, the president will propose realistic restraint, while increasing funding for the global war on terror, including all costs of Iraq and Afghanistan over the next two years.

In demonstrating how we can balance the budget in the next five years, the president will continue to call for bipartisan solutions to the longer term challenges posed by unsustainable growth in important entitlement programs. In fact, a key reason to pursue a balanced budget now is to position us better for that future challenge.

A balanced budget is good for the American taxpayer and for our economy. There's plenty of work to be done, but I am optimistic we can do it — across party lines — as the American people expect and deserve.

Rob Portman is Office of Management and Budget director.