Fiscal Discipline Is Driving Down the Deficit

FISCAL DISCIPLINE IS DRIVING DOWN THE DEFICIT

Ms. FOXX. Mr. Speaker, House Republicans have been working hard to exercise fiscal restraint and keep taxes low. These pro-growth policies are not only helping our economy grow at a fiery pace, they are helping drive down the Federal budget deficit as well.

This past Tuesday, the Wall Street Journal published a story I would like to quote. ``Surging individual and corporate income tax receipts in May continued to help the Federal Government shrink the budget deficit to $227 billion for the first eight months of the fiscal year, down 16.6 percent from the same period a year earlier. To date, much of the deficit reduction stems from taxes being paid by corporations, which are seeing increased profits, and from high-income individuals, who are paying taxes on capital gains.''

Mr. Speaker, fiscal restraint and tax relief is boosting the economy and increasing tax revenues. The Treasury Department predicts that if these Republican-led trends continue, we will cut the Federal deficit in half well before President Bush's goal of 2009.

http://thomas.loc.gov