Today, Congressman Mike Conaway (TX-11) issued the following statement in response to the Treasury Department’s announcement that the U.S. budget deficit narrowed to $248 billion from $319 billion in 2005. This is the smallest budget deficit since a gap of $157 billion in 2002.
“Today’s announcement is confirmation that the economy is strong and growing. President Bush’s promise to cut the deficit in half by 2009 has been met three years ahead of schedule; further proof that his tax relief program is working. Our current policies have led to 19 consecutive quarters of economic growth, which has in turn led to record federal receipts, new jobs, and low unemployment. 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.”
Today’s announcement that the fiscal year 2006 deficit is $248 billion is $71 billion less than the 2005 deficit. In February 2004, the Administration pledged to cut the deficit in half from $521 billion, which was the projection for the 2004 deficit.
Rep. Conaway is a CPA and a member of the House Budget Committee.
