House Workforce Chair: Latest Budget News

Added Proof of Republican Economic Policies at Work

WASHINGTON, D.C. – Following last Friday’s news of lower unemployment, higher average hourly wages, and sustained job growth, U.S. House Education & the Workforce Committee Chairman Howard P. “Buck” McKeon (R-CA) today highlighted the newly-minted fiscal year 2006 federal budget report as renewed proof of the nation’s economic momentum.

President Bush today announced that the fiscal year 2006 deficit is $248 billion - $71 billion less than a year ago and three years ahead of the Administration’s goal of cutting the deficit in half by 2009.

“Steady job growth, higher wages, falling gas prices, lower employment, and now a declining budget deficit all point to Republican policies at work,” said McKeon.  “To build on the 6.6 million new jobs created since August 2003, House Republicans are continuing our work to expand access to college, streamline job training programs, and expand access to affordable health care.”

Today’s budget announcement follows recent economic reports that found: 

• The nation’s unemployment rate dropping to 4.6 percent;

• Average hourly wages increasing by four percent over the past 12 months; 

• Gas prices declining by more than 70 cents since early August; and

• Nearly 240,000 new jobs created during the last two months combined, with the total number of new jobs created since August 2003 reaching 6.6 million.

McKeon concluded, “Momentum remains squarely on the side of our growing economy, and our nation’s working families – and now our federal budget’s bottom line – are feeling the impact.”

Further information on House Republican efforts on behalf of American workers is available online at http://edworkforce.house.gov/issues/109th/workforce/wia/wia.htm.

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