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Budget Deficit Cut In Half
“Lower Taxes, Spending Restraint, And Strong Growth Work."

Washington, Oct 11 -  

WASHINGTON—Today, U.S. Rep. Jack Kingston (R-Savannah), vice chairman of the Republican Conference hailed the administration’s announcement that the budget deficit for 2006 will reach its lowest level in 4 years at $248 billion.

“Two years ago we pledged to cut the deficit in half by 2009. Today, we have met that goal three years early,” said Kingston. “By cutting taxes on everyone, ending programs that don’t work, and restraining spending across the board, the economy is expanding, revenues are growing and 6.6 million jobs have been created since August 2003.”

“Last year we killed 53 programs and saved $3.5 billion, this year we ended another 95 outdated or ineffective programs for another $4 billion in savings,” continued Kingston. “We also cut taxes on everyone who pays taxes. As a result the economy is growing faster, creating more jobs, and generating more government revenues. Our policies are working and now is not the time to raise taxes on small businesses and families or raise spending on wasteful government programs and Washington bureaucrats.”

In February of 2004, the budget deficit was predicted to grow to over $521 billion. Today’s actual deficit of $248 billion cuts that figure in half three years ahead of schedule. The current deficit represents approximately 2% of GDP, which is significantly below the 2.7% of GDP average of the last 40 years.

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