President George W. Bush said government tax revenues will increase by $280 billion if Congress does not make permanent the tax cuts introduced earlier in his administration.

Speaking at a press conference on Monday, Bush said there is "no question tax cuts provided economic vitality" and called for the cuts to be made permanent.

With the economy clearly slowing, it is crucial for Congress to not add to the uncertainties by ramping up spending, the President said.

By Erik Kevin Franco and edited by Stephen Huebl