Dreier Praises Plummeting Federal Deficit

Federal Deficit Reaches Lowest Level Since 2002, Thanks to GOP Tax Relief

July 11, 2007

WASHINGTON, DC - Congressman David Dreier (R-San Dimas, CA), Rules Committee Ranking Republican, applauded news today that the federal budget deficit will be nearly $40 billion lower than originally projected and less than half than what it was at its peak in 2004. According to the White House, the reason for the significantly lower projection is an increase in tax revenue collections.

"As the tax revenue continues to roll in, the deficit continues to plummet," Dreier said. "Why are we seeing higher than expected revenues? Because of the tax relief implemented in 2003 that has also created more than 8 million jobs. It would seem that by now, the Democrats would understand that keeping taxes low actually increases revenue and creates jobs. But no. The Democratic Congress is insistent on pushing through the largest tax increase in history. Letting the proven pro-growth tax relief expire is akin to raising them. And letting that happen will only do harm to the bottom lines of every American who has benefited from the tax relief over the past four years."