Deficit Falling Thanks to Pro-Growth Policies

The continued surge of federal revenues, generated by strong economic growth, have reduced the fiscal year 2006 budget deficit to $250 billion, according to the estimate released Friday by the Congressional Budget Office. These figures include amounts spent in 2006 in Iraq and Afghanistan and Hurricane Katrina recovery efforts. This estimate is sharply lower than the $296 billion figure estimated by the Office of Management and Budget in July, and even lower than CBO’s $260 billion estimate in August.

Thanks to a responsible budget blueprint and pro-growth policies, we’re not only seeing the deficit fall, but also laying a solid foundation to meet our nation’s immense future challenges. To ensure this trend of deficit reuction continues in the longer-term, we’ve got to remain diligent in our efforts to keep our economy strong and restrain federal spending.

Rep. Jim Nussle is Chairman of the House Budget Committee.