THE PRESIDENT: Good morning.

This week, we received more good news showing that our economy is strong and growing. The Department of Labor reports that our economy has now created jobs for 46 consecutive months. America added 132,000 jobs in June, and that means our economy has added more than 8.2 million new jobs since August of 2003. Unemployment is low, consumer confidence is high, incomes are rising, and opportunity is growing across America.

Our Nation's strong economy is no accident. It is the result of the hard work of the American people and pro-growth policies in Washington. Starting in 2001, my Administration delivered the largest tax relief since Ronald Reagan was in the White House. Our tax relief has left $1.1 trillion in the hands of citizens like you to save, and spend, and invest as you see fit.

Over the past three years, we have also held the growth of annual domestic spending close to one percent -- well below the rate of inflation. The result is a thriving and resilient economy that is the envy of the world.