needed to build a better america. the first value is fiscal responsibility. the previous administration, as you all know, ran up record budget deficits. in fact the deficit went up every year under my predecessor. my administration is turning that around. last year we cut the deficit by $350 billion. this year we're on track to cut the deficit by more than $1,300,000,000. that would be the largest one-year reduction of the deficit in u.s. history. here is how we are achieving it, this record deficit reduction. first, we're growing the economy. we've created a record 6.7 million jobs since i took office and we have generated a gdp growth of 5.7%, the best economic growth we've seen in this country in over 40 years. this has led to substantial increase in government revenues