Wilson: Numbers Don’t Lie

FOR IMMEDIATE RELEASE
October 11, 2006

CONTACT: Kim Olive
(202) 225-2452 (Office)
(202) 420-9493 (Cell)

Wilson: Numbers Don’t Lie

Congressman Joe Wilson (SC-02), member of the House Committee on Education and the Workforce, today touted the success of Republican economic policies after the Bush Administration announced its revised deficit forecast.

As announced today, the Fiscal Year 2006 budget deficit was $248 billion - drastically below the original forecast of $423 billion. The deficit has now been cut in half three years earlier than President Bush originally promised.

“While Democrats continue to chatter about ’failed economic policies,’ our robust economy continues to produce results that fly in their faces. Republicans’ responsible fiscal initiatives have reduced the tax burden on working families, created a business-friendly environment, and set the stage for the record revenue growth of Fiscal Years 2005 and 2006.”

Additional Deficit Statistics

The FY2006 budget deficit was $248 billion/1.9 percent Of GDP - 0.4 percent below the 40-year average of 2.3 percent of GDP;

President Bush’s goal of cutting the deficit in half by FY2009 from its FY2004 projected peak of $521 billion has been reached and surpassed three years ahead of time; and

FY2005 revenues were 14.5 percent higher than the previous year and at $2.153 trillion were the largest in history. This year's revenues of $2.407 trillion were an 11.8 percent increase from FY2005.

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