The White House’s Office of Management and Budget (OMB) announced the new deficit figures this week as part of a midyear fiscal review. Originally projected to be $244 billion, the OMB says that the deficit will come in at about $205 billion, nearly $40 billion lower than originally projected.

By passing tax relief measures in 2001 and 2003, Republican pro-growth policies have helped keep our economy strong, resulting in increased tax revenue even though taxes have remained low.

While no one wants a $205 billion deficit, this proves that our tax policy is working. Fiscal responsibility will be the key to achieving our goal of balancing the federal budget again within the next five years. Without question, neither party has much to brag about on spending restraint, but Republicans in Congress have rededicated ourselves to the cause of spending restraint and believe we must extend the tax relief to sustain this economic prosperity.

The news about the lower budget deficit follows on the announcement last week that 123,000 jobs were created in June. This means that the American economy has now added jobs for 46 straight months, and the unemployment rate remains low at 4.5 percent.