CARTER: REDUCED DEFICIT IS A PRODUCT OF FISCAL DISCIPLINE
U.S. Representative John Carter (TX-31) today hailed the White House Office of Management and Budget's mid-year budget review that projected that the federal deficit has dropped $127 billion dollars from estimates made just six months ago.
"Today's news of a reduced deficit shows that fiscal discipline and pro-growth initiatives are working to build a strong economy," Congressman Carter said. "House Republicans have consistently fought for policies that keep more money where it belongsin the pockets of hard-working Americans. As a result of lower taxes, fiscal restraint, and job creation, we will accomplish our goal to reduce, and ultimately eliminate, the deficit."
The Office of Management and Budget today released its mid-session review and announced that the deficit is projected to be 30 percent less than was expected six months ago. Thanks to strong economic policies and tax relief initiatives, revenue this year is expected to grow by $245 billion, putting us on track to cut the deficit in half by 2008, a year ahead of the president's schedule.