NEW YORK (CNNMoney.com) -- President Bush said Friday the nation's economy was performing well, credited tax cuts for spurring the growth, and said the country was on track to halve its deficit by 2008.

Speaking at Camp David after meeting with his economic team, Bush said the economy was growing at a strong pace and unemployment remained low.

"The foundation of our economy is strong," he said. "Things are good for American workers, good for entrepreneurs. And that's good for the country."

Bush said tax revenues are on track to rise 11.4 percent this year, and that should help the government cut the budget deficit in half by 2008.

He outlined several areas his administration will focus on to keep the economy on track, although he provided few specifics.

Among the things mentioned: passing the line item veto; keeping taxes low; making healthcare more affordable; promoting alternative energy; limiting "junk" lawsuits; opening markets for American products; and reforming Social Security.

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