Press Release

BUCHANAN CREDITS TAX CUTS & STRONG ECONOMY
FOR LOWER BUDGET DEFICIT

New Budget Figures Show Deficit Has Been Cut in Half Since 2004

Washington, DC -- Congressman Vern Buchanan (R-FL 13) said today that tax relief and a strong economy have helped cut the federal deficit in half.  According to Office of Management and Budget (OMB) estimates released today, the federal deficit forecast declined nearly $40 billion from $244 billion to $205 billion – less than half of what it was just three years ago. 

“Today’s announcement is good news,” said Buchanan.  “It confirms that tax cuts and pro-growth economic policies are working.  Now is not the time for higher taxes and more spending.  Now is the time for continued fiscal discipline.” 

Originally projected to be $244 billion, the deficit is expected to be about $205 billion in the fiscal year that ends in September.  In 2004, the deficit peaked at $413 billion.  Tax relief provided in 2001 and 2003 allowed tax payers to keep $2 trillion of their hard-earned money. 

“Allowing Americans to keep more of their money has helped boost the economy and increase federal revenues,” added Buchanan.  “Keeping taxes low and holding the line on spending will help us reach our goal of a balanced budget by 2012.”