GOOD NEWS ON THE ECONOMIC FRONT -- (House of Representatives - October 09, 2007)
Mrs. BLACKBURN. Madam Speaker, I too today stand to pay tribute to our colleague Jo Ann Davis and to express my condolences to her family, her friends, and her staff. She will be missed in this body.
I also rise today to have a little bit to say about the economic news that is coming out. We have a Presidential debate on the issue tonight.
The bipartisan Congressional Budget Office has released a reported today; and according to the CBO, the Republican tax cuts going back to 2003, the tax cuts started then have fueled our growing economy and they are responsible for shrinking the Federal deficit, this time by 35 percent. What incredible economic news.
We also find out that Americans paid a record $2.5 trillion in taxes in 2007 and Federal receipts have climbed since when? Since the 2003 tax reductions were put in place. And it has fueled the largest 4-year revenue increase in U.S. history.
Madam Speaker, it is good news on the economic front. I highlight this good news to my colleagues and encourage them to read the CBO report.