Congressman McCaul Pleased with Lower Budget Deficit

WASHINGTON, D.C.

– Texas Congressman Michael McCaul welcomed the government’s announcement that this year’s federal budget deficit will be nearly $40 billion lower than originally projected, which means that the deficit is less than half of what it was just three years ago. Reports indicated that the drop can be credited to healthy growth in the economy.

"Today’s news is just further evidence of what Republican tax relief has done to keep our economy growing," stated Congressman Michael McCaul. He went on to say, "As a result of Republican pro-growth policies, taxpayers have been able to keep more of their own money while tax revenues have gone up. This is a good day for the American taxpayer."

The President and the White House’s Office of Management and Budget (OMB) announced the new figures as part of a midyear fiscal review. Originally projected to be $244 billion, the OMB says the deficit will come in at about $205 billion.

McCaul cautioned, however, that continued vigilance on behalf of taxpayers is required if we are going to achieve our goal of balancing the federal budget by 2012: "Republicans believe fiscal responsibility is a requirement, not a luxury. That is why we will continue to hold the line on spending, reject Democrat attempts to raise taxes, and offer to work with Democrats to address runaway entitlement spending."

Last week, the government announced that 123,000 jobs were created in June. Our economy has now added jobs for 46 straight months, and the unemployment rate remains low at 4.5 percent.