Dreier Hails Revised GDP Growth

November 30, 2005

WASHINGTON, DC - Congressman David Dreier (R-CA), Chairman of the House Rules Committee, hailed today’s announcement from the Commerce Department revising 3rd quarter GDP growth up to 4.3 percent from 3.8 percent as more proof positive that Republican policies are growing the U.S. economy. He issued the following statement:

"This economy is growing at a solid pace and that means great things for American workers, businesses, and consumers. It’s also great news for deficit reduction. We know how it works - strong growth means more revenues to the federal treasury which means a lowering of the deficit. We are well on our way to growing our way out of this deficit. We need to keep our policies of tax relief, reduced spending, and expanded trade in place to keep the positive momentum going."

According to the Congressional Budget Office, revenues to the federal treasury increased by nearly 15 percent in 2005. Because of this increased revenue, the deficit was slashed by almost 23 percent in 2005, or $94 billion.