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Another crisis was looming, though none of us knew it at the time. Less than eight months into our administration the nation came under terrorist attack. The events of 9/11 are the defining moment of the era from the standpoint of national security; they were equally significant from an economic perspective. Aimed at our country's financial sector, the attacks were followed by the suspension of stock trading, the closing of stores and shopping malls and the cancellation of thousands of flights. In the three-and-a-half months between 9/11 and Christmas, nearly a million Americans lost their jobs.

The combined effects of recession and national emergency could have been devastating for America's economy. Yet President Bush's tax cuts--following through on a promise he had made to the voters--resulted in a shallower recession, a faster recovery, and a platform for growth that remains sturdy to this day. The fact is that in a time of unprecedented challenge, the United States has experienced nearly six years of uninterrupted economic growth and added more than eight million new jobs since August 2003--more than all other major industrialized nations combined.

The economic growth encouraged by the president's tax cuts is now producing sharply increased federal tax receipts--up by nearly 15% in fiscal year 2005 alone, nearly 12% in fiscal year 2006, and projected to rise nearly 7% in the fiscal year that will end this month. That is the highest growth in