Garrett: CBO Report Says Economic Recovery Has 'Taken Hold'
January 28, 2004, Washington, D.C. - House Budget Committee member, Rep. Scott Garrett (NJ-05), released the following statement regarding the Congressional Budget Office (CBO) release of its Budget and Economic Outlook for fiscal years 2005-2014.
"I am pleased to see that our economic outlook has improved and the unemployment rate is projected to continue to fall. These positive economic indicators prove that true economic recovery has taken hold. Now, Congress must take the fiscally responsible stance to control spending and get our fiscal house back in order.
"The CBO estimates a new record budget deficit in 2004, in terms of nominal dollars, of $477 billion for FY 2004 and $362 billion for FY 2005. Though these numbers are projected to gradually decline, Congress must make the tough choices to help restrain spending and balance the budget now, so that our budget is brought back to balance.
"President Bush's tax cuts are working to help our economy grow and cut the unemployment rate. In order to ensure a sustained economic growth, it is imperative that we extend tax relief, scheduled to expire at the end of this year, so that families and businesses are able to keep more of their hard earned dollars, promote savings and investment and further strengthen our economic recovery.
"We realize that Americans are still under strain to make ends meet. We must follow a common-sense model in budgeting to continue to promote economic and job growth, while also working to bring about more relief for workers and families."