Congressman Lungren Praises Deficit Reduction as Economy Continues to Grow

Congressman Lungren Praises Deficit Reduction as Economy Continues to Grow

Congressman Dan Lungren (R-Gold River), member of the House Budget Committee, issued the following statement regarding the anticipated $94 billion drop in its deficit estimate for FY 2005:

"The declining budget deficit in FY 2005 is great news for the American economy. Facing a national economic slowdown, the Congress enacted three major tax relief bills in three years resulting in lower unemployment and a sustained expansion of our economy. This is clear evidence that growth oriented tax cuts are consistent with sound budgetary policy. As a member of the House Budget Committee, I will continue to seek fiscal responsibility with American's hard earned tax dollars."

In addition to the reported decline in the deficit, payroll employment in June rose by 146,000 while the household survey showed that the unemployment rate fell to 5.0%—the lowest since September 2001. The unemployment rate is down from its peak of 6.3% in June 2003. 3.7 million jobs have been created since May of 2003, and June marked the 25th straight month of job creation.

http://www.house.gov/apps/list/press/ca03_lungren/071405deficitreduction.html