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Washington, D.C. - Representative John E. Sweeney (R-NY) welcomed news today that the budget deficit has fallen precipitously as the federal government has seen record tax revenues soar in a clear sign that tax cuts and pro growth policies are working.
“This is great news. Federal deficits are falling and government revenue is soaring, demonstrating that the tax cuts I have supported, and will continue to support, are working to strengthen our economy. We are seeing the benefits of tax relief given to working families, small businesses and family farms I have fought for in Congress driving down unemployment rates and creating the 19 straight quarters of economic growth we have enjoyed,” said Sweeney.
The Office of Management and Budget today announced that the fiscal year 2006 deficit is $248 billion, which is $175 billion less than the projection nine months ago. The deficit is also $71 billion less than the fiscal year 2005 deficit and down from the projected $521 billion deficit estimated for fiscal year 2004.
Last month the Department of Treasury reported that quarterly tax receipts hit an historic high of $71.8 billion. The Congressional Budget Office and the Office of Management and Budget have both attributed improved deficit totals to surging government revenues. |
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