One of the most important achievements of your Administration has been to restore the U.S. economy to health and to create new jobs, to the benefit of us all. I have a very real fear now that this achievement may be in jeopardy, because of the strains in the financial markets. A weakening of confidence could all too easily threaten economic growth around the world.
I was therefore glad to see the reports that you will be willing to discuss tax increases as one of the means of reducing the budget deficit. I know how very difficult this must be for you: I share completely your view of the damage done by high taxes. But the confidence of America under your determined leadership has been the foundation for so much success, in foreign policy, in defence and in so much else. It would be a tragedy Ð for the world as well as for the United States itself Ð if this great strength were to begin to fail us. The priority now has to be for sound money and sound finance.
With warm regards,