Rep. Cole Applauds Announcement of Lower Budget Deficit

WASHINGTON – U.S. Congressman Tom Cole (OK-4) today welcomed the government's announcement that this year's federal budget deficit will be nearly $40 billion lower than originally projected, which means that the deficit is less than half of what it was just three years ago. The Associated Press reports that the drop can be credited to "impressive revenue growth from the healthy economy."

“Today’s news is just further evidence that tax relief has kept our economy growing,” Congressman Cole said. “As a result of Republican pro-growth policies, taxpayers have been able to reinvest their money into the local economy - which ends up boosting overall tax revenues to the federal government. This is a good day for the American taxpayer.”

The President and the White House’s Office of Management and Budget (OMB) announced the new figures at 1 p.m. today 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. According to Bloomberg News, “… [T]he current deficit, at 1.5 percent of gross domestic product, is the lowest since 2002.” Cole warned, however, that continued fiscal discipline is required if the United States is going to achieve the goal of balancing the federal budget by 2012.

“I believe we have a solemn responsibility to manage the taxpayers' money wisely and prudently. That is why I will continue working to hold the line on wasteful government spending, reject all attempts to raise taxes, and offer to work with Members from both parties to address runaway entitlement spending,” Cole continued.

Last week, the government announced that 123,000 jobs were created in June. Our economy has now added jobs for 46 straight months, and the unemployment rate remains low at 4.5 percent.

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