Wisconsin's 1st District   U.S. Congressman 
 
Paul Ryan
     
Serving Wisconsin's 1st District
U.S. Congressman Paul Ryan
U.S. Congressman Paul Ryan - Serving Wisconsin's 1st District

 

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October 6, 2006


Deficit Estimate Drops Again Due to Rising Revenues

As a result of continuing economic growth and an accompanying surge in federal tax revenues, the fiscal year 2006 deficit estimate has dropped to about $250 billion, according to the Congressional Budget Office’s (CBO’s) Monthly Budget Review released today. This preliminary CBO estimate is considerably lower than the Office of Management and Budget’s July deficit estimate of $296 billion, and it is lower than the CBO’s August estimate of $260 billion. It also contrasts sharply with the Administration’s February forecast of a $423 billion deficit this year. 

“This latest estimate shows how pro-growth economic policies are working and we’re moving in the right direction, but there’s more work to be done in order to balance the budget. We need to keep up this progress by reining in unnecessary spending and preventing tax hikes that could hurt the growth of jobs and our economy,” said Wisconsin’s First District Congressman Paul Ryan. 

The latest CBO deficit projections show:

  • A decline of $68 billion from the fiscal year 2005 actual deficit.

  • The deficit as a share of the economy (GDP) – currently at 1.9 % – is below the average of the past 40 years.

  • Federal revenues for fiscal year 2006 running 11.8 % ahead of last year.

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Contact: Kate Matus (202) 226-7326