Rudy Giuliani is the real fiscal conservative in the 2008 presidential race. That's why I'm endorsing him for president. Most Americans know that Mr. Giuliani turned around America's largest city. They know he cut crime and welfare in half; they know that he improved the quality of life from Times Square to Coney Island and everywhere in between. And they witnessed his Churchillian leadership following the terrorist attacks on 9/11.

Less well known is the mayor's fiscal record. Nonetheless, conservatives will find it impressive. He built New York's resurgence not just on fundamental police work, but also on a foundation of fiscal discipline. He cut taxes and the size of government and turned an inherited deficit into a multibillion dollar surplus. Mr. Giuliani entered office in 1994 with a $2.3 billion budget deficit handed to him by his predecessor, Mayor David Dinkins. Liberal conventional wisdom held that the only way to close the gap was to raise taxes while cutting back on basic city services such as sanitation. The new mayor rejected this advice--in fact, he famously threw the report recommending tax hikes in the trash! Instead, he set out to restore fiscal discipline to the "ungovernable city"--and achieved results that Reagan Republicans can applaud.

Steve Forbes, Wall Street Journal