McMorris: Pro-Growth Policies are Driving Down our Deficit

Dec 29, 2008

(Washington, D.C.)  Congresswoman Cathy McMorris called today’s news that the budget deficit has been cut in half three years ahead of schedule “a huge step in the right direction.” The U.S. Budget deficit in fiscal year 2006 narrowed by $71 billion in one year going from $319 billion to $248 billion. It is the smallest budget deficit gap since 2002.

"These latest numbers are proof that the tax cuts work and are spurring economic growth," said McMorris. "I am proud to have voted to extend the tax cuts that will provide over two million people in Washington state with lower taxes. By letting people keep more of their own hard-earned money, they are able to reinvest it into the economy which ultimately increases revenue in the federal treasury. However, I remain concerned about our deficit, and believe we must continue to look for ways to cut spending and restore fiscal discipline."

The tax cuts have created a strong economy and historic revenue growth. The United States has witnessed two years of record revenue growth. Revenues in FY 2005 were $2.153 trillion, the largest in history, and 14.5 percent higher then the previous year. This year's revenues of $2.407 billion represented an 11.8 percent increase from the previous year.

In Congress, McMorris has supported policies to restrain spending and increase government efficiency. She is a cosponsor of the Balanced Budget Amendment, supported the Deficit Reduction Act that will save $40 billion over five years, voted to eliminate over 50 federal programs, and voted to give the President line-item veto authority to increase transparency and eliminate wasteful spending.

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