Economy Continues to Grow as Deficit Falls

Economy Continues to Grow as Deficit Falls

Washington, Jul 13 - The Office of Management and Budget (OMB) today released its mid-session review of the federal budget, predicting the 2005 deficit to be $333 billion. It is $94 billion less than originally forecasted. Congressman Tim Murphy (PA-18) released the following statement expressing great optimism at the news:

"Today's report reveals the strength of the American economy. The deficit is falling at a rapid rate, and economic expansion is continuing," Congressman Tim Murphy said. "The lower deficit is a direct result of the concerted effort in Congress to lower taxes, control spending, and eliminate burdensome regulations. More jobs have been created and people have more money in their pockets as a result. This helped speed up economic growth and bring more money into the U.S. Treasury.

"In June 146,000 jobs were created as the unemployment rate fell to 5.0 percent, its lowest since September 2001. This is the 25th straight month in which jobs were created. During this time, 3.7 million jobs have been created.

"These are positive signs, showing the strength of American enterprise. I will continue to work with my colleagues in Congress to promote pro-growth policies that help small businesses, manufacturers, and local industries create new jobs in Southwestern Pennsylvania. The American worker is the backbone of our economy, and putting more people to work is the only way to continue the current growth."

http://murphy.house.gov/News/DocumentSingle.aspx?DocumentID=30514