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U.S. Sen. John Cornyn, a member of the Senate Budget Committee, made the following statement Thursday regarding news that real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 7.2 percent in the third quarter of 2003, according to advance estimates released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.3 percent."The American people are showing their confidence in future growth, American employers are growing jobs, and investors are showing renewed optimism in the economy. These are all good signs for the renewal of an economy that for too long has been stagnant. Despite the rhetoric of the political prophets of gloom and doom, the President’s tax cuts haven’t thrown the economy into a tailspin; in fact they have spurred a remarkable turnaround."The combination of well-timed tax cuts that empowered consumers, and a budget resolution that sets the priorities and limits for the federal government, have created renewed confidence in the markets and the employment sector, and will likely lead to stronger economic growth in months to come. "Personal income is up by nearly six percent, home ownership is at its highest level, productivity is strong and consumer confidence is on the rise. More remains to be done, however, and I am committed to passing class action lawsuit reform, assisting the administration’s efforts to open new markets for Texas producers, and streamlining regulatory and other burdens the federal government places on the small businesses—and the millions of jobs they create every year. "Although there are encouraging signs that the economy is starting to improve, the deficit remains sobering. I hope my colleagues will take note of the deficit and not use this positive news to create unprecedented levels of new spending, and allow our economic recovery a chance to succeed before being drowned in red ink.”