Shuster Applauds Lowest Budget Estimate in Four Years

Shuster Applauds Lowest Budget Estimate in Four Years

Washington, DC - Congressman Bill Shuster credited tax cuts and efforts to reduce wasteful spending for the Congressional Budget Office's (CBO) revised estimate of the federal budget. CBO announced today that Congress has made huge strides towards balancing the budget. The budget-deficit is now at its lowest point in four years and has been reduced to $260 billion, which is $76 billion less than the previous estimate in March. CBO added that a strong economy and increasing federal revenues are the primary reason.

"We are very pleased with the progress made towards a balanced budget," said Congressman Bill Shuster, who owned a small business before coming to Congress. "This is a result of pro-growth, tax-cutting policies that support small businesses and strengthen the economy. A strong economy is essential as we put resources into fighting the War on Terror and it's proof that good business sense goes a long way in government. We're on the right path and will continue to work to promote policies that strengthen the economy and reduce the deficit."

The new budget is dramatically improved over estimates only 5 months ago, while including funding for Hurricane Katrina recovery as well as the ongoing efforts in Iraq and Afghanistan. Congress recently passed the Deficit Reduction Act with Shuster's support, and it has proven to be vital legislation that reformed government and reduced the deficit.

Every year CBO releases the Budget and Economic Outlook: An Update. It is an annual mid-year update of the nation's economic and fiscal outlook and contains revised estimates of the budget deficit, receipts, outlays and budget.

http://www.house.gov/list/press/pa09_shuster/lowestbudget.html