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Congressman Zach Wamp (R-TN) today hailed the Office of Management and Budget’s announcement that the deficit is now projected to drop by 33 percent.
“House Conservatives have spent the last several years fighting for tax relief to grow our economy and allow the American people to keep more of their hard-earned money,” Congressman Wamp said. “Today, we can see the results of those policies. Rather than depriving the federal government of needed revenue, as our opponents have argued, Republican tax relief has actually increased revenue to the federal government and helped drive down the deficit.
“In the past few months we have continued to receive good news on the country’s employment numbers – 5.4 million new jobs since August 2003, 34 consecutive months of sustained job creation and a low 4.6 percent unemployment rate,” Rep Wamp said. “The Gross Domestic Product for the first quarter of 2006 was 5.6 percent – the fastest growth in two-and-half years – and today’s announcement is just one more piece of evidence that Republican economic policies are working. It is simple, when more people have jobs, more revenues come into the federal coffers.”
The Office of Management and Budget today released its mid-session review and announced that the deficit is projected to be approximately $127 billion lower than was expected six months ago. Revenue this year is expected to grow by $245 billion, putting the government on track to cut the deficit in half by 2008, a year ahead of the president’s schedule, it was stated.
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