Today, the President and the White House’s Office of Management and Budget (OMB) announced that this year’s federal budget deficit will be nearly $40 billion lower than originally projected, meaning that the deficit is less than half of what it was three years ago. Following the announcement, Congressman Mike Conaway (R-TX) made the following statement:
“Today’s announcement is confirmation that there is notable revenue growth due to our surging, healthy economy. The news is further evidence that Republican tax relief is working, leading to record federal receipts, new jobs, and low unemployment. Continued vigilance on behalf of taxpayers is required if we are going to achieve our goal of balancing the federal budget. We must continue to hold the line on spending, reject attempts to raise taxes, and work with the Democrats to address runaway entitlement spending.”
Last week, the government announced that 123,000 jobs were created in June. Our economy has now added jobs for 46 straight months, and the unemployment rate remains low at 4.5 percent. The Administration announced this year’s federal deficit will narrow to $205 billion. The deficit now has been cut in half in just the last three years, and is at its lowest point in five years.
