Concurrent Resolution on the Budget for Fiscal Year 2005
CONCURRENT RESOLUTION ON THE BUDGET FOR FISCAL YEAR 2005 -- (House of Representatives - March 24, 2004)
The SPEAKER pro tempore. Pursuant to the order of the House of Tuesday, March 23, 2004 and rule XVIII, the Chair declares the House in the Committee of the Whole House on the State of the Union for the further consideration of the concurrent resolution, H. Con. Res. 393.
BREAK IN TRANSCRIPT
Mr. BROWN of South Carolina. Mr. Chairman, I appreciate all the effort that the chairman has done to bring this document to the House floor, and I rise in support of this resolution; and I have got a few charts that we wanted to show to support the reason we are supporting this budget resolution.
Since we met here to consider our budget last year at this time, our economy, then struggling to gain traction, has made a tremendous, remarkable comeback. The policies we have put in place to deal with the extraordinary circumstances of the past few years have worked and continue to work.
Today, our economy is showing robust growth. The strong growth is expected to continue. In the third quarter of 2003, we saw the GDP growth at 8.2 percent, the highest surge in 20 years; and that was followed in the fourth quarter with a growth rate of 4.1 percent, still strong by historical standards.
It is interesting to note that last year at this time, private forecasters were expecting real GDP growth of 3.6 percent for 2004. Now they are expecting 4.7 percent for 2004.
Housing starts are running at their highest levels in 20 years. Mortgage rates continue to run at their lowest levels in over 3 decades, and the bank prime rate is at its lowest level in 45 years. Inflation has been running at its lowest level in nearly 4 decades. U.S. real exports of goods and services rose in the fourth quarter at a 20 percent rate, the fastest pace in 7 years.
We have seen a significant increase in the stock market. The Dow Jones Industrial Average is up 25 percent since March of last year.
Most important, labor markets are improving. The unemployment rate is down 5.6 percent from 6.3 percent just last June.
We must keep this momentum. We cannot afford to cut this recovery off at the knees just as we are getting back on track.
This budget will keep taxes from increasing. If we do not act, Americans will face a tax increase next year. This budget helps to make sure that a family of four earning $40,000 will not have to face a tax increase of nearly $1,000 next year. Make no mistake, a tax increase would hurt our economy and destroy jobs.
This budget places economic growth and job creation at the highest priority by supporting those policies that are fueling the economic recovery. We need to keep the economy and jobs growing, and this budget supports those goals.