May 16, 2006 Statement of Secretary John W. Snow
I am pleased that you could join us this afternoon. We are coming up on the third anniversary of the historic Jobs and Growth bill, which has propelled the American economy forward for a long time now. It has put the American economy on a good path – a sound path that clearly has us going in the right direction. Tomorrow there will be a signing ceremony in the That legislation was essential to avoid a tax increase on American families and What the President's leadership of the economy has demonstrated is that low tax rates create investment, create jobs, create growth; and now with the surge of revenues we are seeing as a result we can also say that low taxes are consistent with rising federal revenues which of course help bring the deficit down. I am pleased to see the progress we are making on that count. April receipts were very strong, just what you would expect with an economy that is growing, expanding, creating jobs and with rising equity markets. CBO recently released new estimates on the budget deficit for the year, bringing it to the range of $300 to $350 billion. Our own estimates will be out sometime soon after we complete the mid-session review. I am confident we will continue to see good progress on the deficit. It is clear now that the President's objective of cutting the deficit in half will be met and exceeded ahead of schedule.
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