Strong Economic Growth Reduces Budget Deficit
Wisconsin's First District Congressman Paul Ryan today made the following statement after the Office of Management and Budget (OMB) released its annual mid-year budget update, which shows that its deficit forecast for this year has declined 30 percent from $423 billion to $296 billion, largely as a result of increased tax revenues:
"Lowering taxes has fueled sustained economic growth and job growth that ultimately bring more tax dollars into the Treasury, which helps us reduce the deficit. At the same time, we need to restrain spending, and we're working hard to do this through budget reforms such as my legislative line-item veto and overall efforts to control spending," said Ryan. "Today's announcement of lower deficit projections shows that tax relief paired with spending controls can put our fiscal house in order and eliminate the deficit."
BREAK IN TRANSCRIPT