Fitzpatrick Hails Shrinking Budget Deficit

Fitzpatrick Hails Shrinking Budget Deficit

Washington, Jul 13 - Today, The Office of Management and Budget's Mid-Session Review predicted the Fiscal Year 2005 deficit to be $333 billion-$94 billion less than originally forecasted. The decrease comes as a result of increased revenues and reduced growth in outlays.

"Republican economic policies and fiscal discipline are reaping results," Fitzpatrick said. "The budget deficit's continued decline is good news for the American economy-but it is not unexpected. With more money in their pockets and restrained spending by their government, the American people have created millions of jobs and accelerated economic growth."

In addition to the deficit numbers released today, the economy has been growing and adding jobs over the past 14 quarters. Nearly 3.5 million jobs have been created since May of 2003. June marks the 25th month of job creation. Private analysts forecast the creation of an additional 1.2 million new jobs by the end of 2005 and consumer confidence is at its highest level in three years.

"The combination of continued job growth, a booming housing market, low interest rates, historic confidence in the economy and falling deficits means a bright future for all Americans. For Pennsylvania, this means that even more jobs will be created in the 8th District. New businesses will open and those already in business will expand, creating even more opportunities."

Congressman Mike Fitzpatrick is serving his first term as Representative of the 8th District of Pennsylvania, which includes Bucks County and portions of Montgomery County and Philadelphia.

http://fitzpatrick.house.gov/News/DocumentSingle.aspx?DocumentID=30480