Today, Congressman Mike Conaway (TX-11) issued the following statement in response to the Treasury Department projections that rising tax revenues will help Congress cut the deficit in half by 2009:
“Today’s announcement of the sharp rise in tax revenues is great news for our economy. Despite the fact that spending has increased due to hurricane relief and the Global War on Terror, our federal budget deficit is projected to be lower than anticipated. Our current economic policies have led to exceptional economic growth, which has in turn led to record federal receipts. Our economy is surging, benefiting working Americans and keeping our nation prosperous. Tax relief and fiscal restraint are driving down our deficit, and we must continue our commitment to American taxpayers by continuing our pro-growth policies. Now is not the time to think about raising taxes.”
In June, the U.S. economy created 121,000 new jobs and maintained a low 4.6 percent unemployment rate. 5.4 million new jobs have been created since August 2003, and we have had 34 consecutive months of sustained job creation.
Rep. Conaway is a CPA and a member of the House Budget Committee.
