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Skriven 2007-07-11 23:31:22 av Whitehouse Press (1:3634/12.0)
Ärende: Press Release (0707112) for Wed, 2007 Jul 11
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Fact Sheet: Growing Economy and Fiscal Discipline Working to Reduce Budget
Deficit
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For Immediate Release Office of the Press Secretary July 11, 2007

Fact Sheet: Growing Economy and Fiscal Discipline Working to Reduce Budget
Deficit President's Goal To Balance The Budget By 2012 On Track

ÿÿWhite House News

ÿÿÿÿÿ In Focus: Budget Management

Today, The Office Of Management And Budget Reported The FY2007 Budget
Deficit Is Forecast To Be Lower Than Last Year And The President's Goal To
Balance The Budget Is On Track. The President's pro-growth policies have
encouraged sustained economic growth and job creation, thereby
strengthening revenues and reducing the deficit.

  þ The New Report Estimates This Year's Deficit To Be $205 Billion Or 1.5
    Percent Of GDP, A $43 Billion Decrease From Last Year. The federal
    deficit is declining for the third year in a row, and the President s
    goal to balance the budget by 2012 is achievable under the President s
    proposals, which would lead to a budget surplus in 2012 of $33 billion.

A Growing Economy Delivered Higher Than Expected Tax Receipts

  þ Sustained Economic Growth. The economy has grown for 22 consecutive
    quarters with real GDP growth averaging 2.9 percent a year since the
    end of 2001. On an inflation-adjusted basis, the economy is now more
    than 16 percent larger than in 2001. Solid real GDP growth is expected
    to continue, averaging 3.0 percent a year from 2008 to 2012.

  þ Job Creation And Low Unemployment. Since the full implementation of the
    President's tax relief in 2003, the economy has created over 8.2
    million jobs. At 4.5 percent, the unemployment rate is lower than the
    averages for the 1960s, 1970s, 1980s, and the 1990s. The U.S. has had
    the longest period of uninterrupted job growth since June 1990.

  þ Higher Tax Receipts. In the last three years, tax receipts have
    increased more than 37 percent. Receipts are projected to continue to
    grow at 7 percent this year.

  þ Millions Of Americans Are Keeping More Of Their Hard-Earned Money
    Because Of The President's Tax Relief.

  þ The average taxpayer will keep $2,216 more this year;

  þ Nearly five million low-income workers will pay no income taxes this
    year;

  þ Seniors will keep an average of $2,934 more this year;

  þ Small businesses will keep an average of $4,712 more this year; and

  þ Families with children will keep an average of $2,864 more this year.

Spending Restraint Is Essential In Balancing The Budget

  þ Republicans Are Driving Spending Discipline. In February, the President
    proposed to restrain spending by holding growth in non-security
    discretionary spending to a reasonable and responsible level for each
    year of the five-year budget horizon, while still addressing key
    national priorities, including education, healthcare, and energy.

  þ Increasing Transparency; Reducing Wasteful Spending. In January,
    President Bush called on Congress to cut the number and cost of
    earmarks by at least half. To establish a benchmark for accurately
    measuring this goal, OMB launched www.earmarks.omb.gov, which houses
    more information on earmarks in one place than has ever been publicly
    available through the Federal government. Also, the President's FY08
    Budget proposed to reduce or eliminate 141 inefficient or duplicative
    programs, saving $12 billion in 2008.

  þ Securing Long-Term Fiscal Health. The President's Budget includes
    sensible, needed changes to important entitlement programs like
    Medicare, Medicaid and Social Security to address our nation's biggest
    budgetary challenge.

Democrats' Tax And Spend Approach Jeopardizes A Balanced Budget

  þ Tax Hikes And Overspending Will Not Reduce The Deficit Or Balance The
    Budget. Just this year, Democrats proposed a massive tax increase and
    more than $200 billion in additional spending over the next five years.

  þ Democrats Have No Plan For Nation's Biggest Budget Challenge. By 2040,
    spending for Medicare, Medicaid and Social Security will begin to crowd
    out the rest of the Federal budget if needed reforms are not made now.
    The President's sensible reforms would slow the growth of entitlement
    programs by $92 billion over five years. Democratic leaders have chosen
    to ignore this critical issue in their budget resolution.

  þ The Administration Will Hold The Line On Spending. The President
    proposed a responsible level of discretionary spending in his budget,
    and he will veto annual spending bills that exceed this level.

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