[Congressional Record (Bound Edition), Volume 152 (2006), Part 12]
[Extensions of Remarks]
[Page 16271]
[From the U.S. Government Publishing Office, www.gpo.gov]




                  REPUBLICAN FISCAL POLICY IS WORKING

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                          HON. JOE KNOLLENBERG

                              of michigan

                    in the house of representatives

                        Thursday, July 27, 2006

  Mr. KNOLLENBERG. Mr. Speaker, earlier this month the White House 
Office of Management and Budget handed down good news in its mid-year 
budget update--the Republican fiscal policy is working. This year's 
budget deficit is now forecasted at $296 billion, which is 30 percent 
lower than the February projections.
  We have made great progress in eliminating the budget deficit through 
fiscal responsibility and through increased tax revenues brought on by 
lower taxes.
  Since the President's tax cuts were fully implemented in 2003, we 
have seen consistent and substantial growth in tax revenue. This 
reaffirms our knowledge that when we ease the tax burden on the 
American people, we become more productive. As we face future budget 
challenges it is important to keep that fact in mind.
  We must do what is best for Americans. As we all can see by the new 
forecasts . . . cutting spending and reducing taxes produces real 
results.

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