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| Declining Deficits |
October 08, 2006 |
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Dear Friends,
We got good news from the Congressional Budget Office late last week.
The deficit has dropped to $250 billion, nearly 30 percent less than the $355 billion projected by the CBO just nine months ago.
Today`s growing revenue and shrinking deficits are made possible by lower taxes on the working families and small businesses that drive our economy.
The strong American economy has created new jobs for 37 straight months. Unemployment is down to 4.6%, wages are rising, and energy prices are dropping again. Unemployment is lower than the average of the 1960s, 1970s, 1980s, and 1990s. Home ownership also remains near record highs.
We balanced the budget in 1998, 1999, 2000 and 2001 and paid off $450 billion in publicly held debt. It`s hard to remember back then, but the week before September 11th we were debating what to do with a $300 billion surplus. Then the world changed.
The way to get back to a balanced budget is to control the growth of government and continue pro-growth economic policies. This combination is working. We are reducing the deficit much faster than anyone projected -- including the CBO.
Good to be home,
Learn more about what Congress and the Department of Energy are doing to make America energy independent. |
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