[Congressional Record Volume 152, Number 90 (Wednesday, July 12, 2006)]
[House]
[Page H5051]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1015
                             BUDGET UPDATE

  (Mr. PENCE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PENCE. Mr. Speaker, the White House Office of Management and 
Budget just released its annual midyear budget update. Under article I 
of the Constitution, the House of Representatives has no higher 
priority than to see to the wise expenditure of the resources of the 
American people, and the word is, the news is good.
  This year's budget deficit is now forecast to be $296 billion, 2.3 
percent of our economy, essentially equal to a historic average. The 
really good news is, the deficit is 30 percent below the 
administration's February forecast. Revenues grew by a dynamic 14.5 
percent last year and are forecast to grow this year by $245 billion, 
or 11.4 percent.
  Revenues to the Federal Government are increasing because of the 
progrowth tax cuts that President Bush and this Republican majority 
brought forward. The tax cuts are working. The economy is growing. 
Revenues to the government are up. The deficit is down.
  All in all, not a bad day's work.

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