A cornerstone of America’s 21st century foundation requires that we get our fiscal house in order for the long run, so we can afford to make investments that strengthen the middle class. That is why President Obama has made it a priority to enact policies that ensure our deficit, or the amount we spend that exceeds our revenues, doesn’t undercut our future. Thanks to a growing economy, prudent spending cuts, and asking the wealthiest Americans to pay a little bit more on their taxes, we’ve cut our deficits by two-thirds over the last five years. In fact, the Office of Management and Budget and the Treasury Department announced today that the deficit has fallen to 2.8 percent of GDP, the lowest level since 2007 and less than the average of the last 40 years.