CAMP DAVID, MD - AUGUST 18:  (L to R) U.S. Vice President Dick Cheney, Secretary of Labor Elaine Chao, Director of the Office of Management and Budget Rob Portman, U.S. President George W. Bush, Chairman of the Council of Economic Advisors Edward Lazear, Treasury Secretary Henry Paulson and Secretary of Commerce Carlos Gutierrez walk to a press conference after meeting August 18, 2006 at Camp David, Maryland. Bush said that the 30 per cent lower projected 2006 budget deficit would let him fulfill his campaign promise to cut the deficit in half by 2008, a year early. Getty Images logo Getty Images 39 months ago

CAMP DAVID, MD - AUGUST 18: (L to R) U.S. Vice President Dick Cheney, Secretary of Labor Elaine Chao, Director of the Office of Management and Budget Rob Portman, U.S. President George W. Bush, Chairman of the Council of Economic Advisors Edward Lazear, Treasury Secretary Henry Paulson and Secretary of Commerce Carlos Gutierrez walk to a press conference after meeting August 18, 2006 at Camp David, Maryland. Bush said that the 30 per cent lower projected 2006 budget deficit would let him fulfill his campaign promise to cut the deficit in half by 2008, a year early.