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For Immediate Release: Regula Hails Positive News on Budget, Economy WASHINGTON, D.C. — Today, U.S. Representative Ralph Regula (Navarre), vice chairman of the House Appropriations Committee praised the news from the non-partisan Congressional Budget Office yesterday that the budget deficit for 2006 will reach its lowest level in 4 years at $248 billion. “The recent good news on the budget, a soaring stock market and lower gas prices show that our economic policies are working. Keeping taxes low and spending restraint helps American families and small businesses keep more of the money they earn, creates more jobs and promotes economic growth,” said Regula. “In my committee last year we eliminated 53 ineffective programs and saved $3.5 billion in taxpayer dollars. This year we ended another 95 outdated or wasteful programs for an additional $4 billion in savings,” added Regula. 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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