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FOXX PRAISES ECONOMIC GROWTH AND DEFICIT REDUCTION
Washington, DC,
October 12, 2006
Congresswoman Virginia Foxx (NC-05) praised the Administration’s recent announcement that the deficit has been cut in half three years ahead of schedule. Congresswoman Foxx also hailed the Bureau of Labor Statistics’ announcement that 51,000
FOR IMMEDIATE RELEASE Congresswoman Virginia Foxx (NC-05) praised the Administration’s recent announcement that the deficit has been cut in half three years ahead of schedule. Congresswoman Foxx also hailed the Bureau of Labor Statistics’ announcement that 51,000 jobs were created in September, marking the 37th straight month of job gains, and 19 consecutive quarters of economic growth. “This is fantastic news and proof that Republican policies of pro-growth, pro-small business and tax cuts are facilitating economic expansion,” stated Foxx. The Administration announced that the current FY’06 deficit is $248 billion, which is $71 billion less than the FY’05 deficit. The FY’04 deficit was $521 billion and while the Administration pledged to cut that deficit in half by 2009, this was accomplished three years ahead of schedule. The Bureau of Labor Statistics also announced encouraging news of a lower unemployment rate at 4.6 percent; lower than the average of the last four decades. In addition, wages rose 0.2 percent in September adding to a total increase of 4 percent over the last 12 months. The GDP also grew 2.6 percent in the second quarter of 2006. “With falling gas prices, a robust economy, and an ever expanding job market, it is clear that Republican initiatives have been successful. While Democrats charge the only way to reduce the deficit is to raise taxes, the Republican tax cuts prove that tax relief creates vibrant economic and revenue growth, thus shrinking the deficit,” added Foxx. Encouraged by the positive economic news and clear evidence that Republican economic policies are working, Foxx concluded, “I look forward to continuing my work in Congress to help grow the economy and ensure the prosperity of our nation.” ### |