[Congressional Record (Bound Edition), Volume 152 (2006), Part 9]
[House]
[Pages 11576-11577]
[From the U.S. Government Publishing Office, www.gpo.gov]




             FISCAL DISCIPLINE IS DRIVING DOWN THE DEFICIT

  (Ms. FOXX asked and was given permission to address the House for 1 
minute.)
  Ms. FOXX. Mr. Speaker, House Republicans have been working hard to 
exercise fiscal restraint and keep taxes low. These pro-growth policies 
are not only helping our economy grow at a fiery pace, they are helping 
drive down the Federal budget deficit as well.
  This past Tuesday, the Wall Street Journal published a story I would 
like to quote. ``Surging individual and corporate income tax receipts 
in May continued to help the Federal Government shrink the budget 
deficit to $227 billion for the first eight months of the fiscal year, 
down 16.6 percent from the same period a year earlier. To date, much of 
the deficit reduction stems from taxes being paid by corporations, 
which are seeing increased profits, and from high-income individuals, 
who are paying taxes on capital gains.''
  Mr. Speaker, fiscal restraint and tax relief is boosting the economy 
and increasing tax revenues. The Treasury Department predicts that if 
these Republican-led trends continue, we will

[[Page 11577]]

cut the Federal deficit in half well before President Bush's goal of 
2009.

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