Eight years have passed since the Republican-led Congress masterminded the first balanced federal budget since 1969. As a senior member of the Senate Budget Committee, it sure was wonderful to hand American taxpayers a victory. After nearly 30 years of over-spending in Washington, lawmakers tightened Uncle Sam’s belt and stopped the flow of red ink for three consecutive years.

But Congress was compelled to loosen the belt again after the 9/11 terrorist attacks to boost homeland security and pay for the wars in Afghanistan and Iraq. Next came the devastating hurricane season that requires a massive reconstruction effort now underway in America’s Gulf Coast.

The big spenders like to blame the 2001 and 2003 tax cuts for the red ink flowing out of Congress’ budget pen. I guess they can’t get used to the idea of letting hardworking taxpayers keep more of their hard-earned money. They must not care for the newly created 10 percent tax bracket and across-the-board marginal rate reductions for wage earners. Perhaps they also forget that most American households now have a stake in the stock market, especially for retirement security. Paring back Uncle Sam’s percentage of investment income helps feather retirement nest eggs and unleash capital for risk-takers to expand businesses, hire more workers and grow the economy.

As chairman of the U.S. Senate Finance Committee, I helped steer through Congress these landmark tax relief laws. And I’ve been working to make these changes permanent. I remain firmly convinced that less taxes create more economic growth.

Just consider the recent revenue figures flowing out of the Federal Treasury. The figures back up the theory that taxing Americans less creates more revenue for Uncle Sam.

Thanks to sustained economic growth, federal tax receipts surged 13 percent in the first nine months of the fiscal year. This helped curb the budget deficit forecast by nearly 30 percent to $329 billion. Although I don’t like to see red ink staining the federal ledgers, the current deficit tracks with a 40-year average at 2.3 percent of the nation’s economy.

That’s not to say I won’t continue working to bring the federal budget back into the black. As a senior member of the Senate Budget Committee, I do my best to strike a balance that recognizes the debt burden shouldered by every man, woman and child in America and addresses the meat-and-potato issues – paying for college, gas prices, medical research, affordable housing, long-term care -- that affect Americans from all walks and stages of life.

From my leadership position on the Senate Finance Committee, I will continue to champion pro-growth tax laws that reward American workers with high-paying jobs, help small businesses expand operations, boost consumer confidence, protect workers’ take-home pay and foster wealth creation and prosperity well into the 21st century.

That includes efforts to bring about real change and reform to the federal tax code that will enhance U.S. competitiveness in the global economy. My committee will hold congressional hearings this summer to pinpoint achievable ways to simplify the tax code and put the lid on the tax gap.

It wouldn’t be intellectually honest to talk about the federal budget without acknowledging the looming retirement of the baby boomers. Entitlement spending will zoom to the moon once this generation begins to tap into Social Security, Medicare and Medicaid.

That’s why it’s more important than ever for Congress to brew the right blend that doesn’t over-tax and doesn’t over-spend.