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News Releases

Dreier Lauds Significant Reduction of Budget Deficit

October 11, 2006

WASHINGTON, DC - Congressman David Dreier (R-San Dimas,CA), Chairman of the House Rules Committee, applauded news today that the federal budget deficit has been reduced by half, a full three years ahead of schedule. The Office of Management and Budget announced today that the federal budget deficit at the end of Fiscal Year 2006 is $248 billion, down from the Fiscal Year 2004 high of $521 billion. Dreier said the announcement was more proof positive that Republican, pro-growth fiscal policies were resulting in increased tax revenues, lower deficits, more jobs, and a strong stock market.

"We’ve said it before and we can say it again - tax relief grows the economy and increases revenues to the federal treasury. It’s worked before and it should be no surprise to anyone that it’s working again. The best way to reduce a deficit is to control spending and cut taxes to stimulate growth. Unfortunately, some in Washington want to ignore the facts and increase spending AND taxes at the same time. That’s a prescription for an economic slowdown that we simply cannot afford.

"As gas prices continue to fall, jobs continue to be created, tax revenues continue to increase, and the deficit continues to shrink, the facts are clear - Republican stewardship of the economy is yielding positive results for the American people."

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