“Our economy is growing. In fact, it is growing so strongly that the government is paying off debt,” King said. “A great economy results from conservative, pro-growth government policies. America’s strong economy and shrinking deficits prove that allowing taxpayers to keep more of their own money pushes tax revenues up. If Pelosi and her liberals think that you get more from taxing more, they’re flying blind.”

 

The President and the White House’s Office of Management and Budget (OMB) announced the new figures yesterday 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.”

King cautioned, however, that continued vigilance on behalf of taxpayers is required to balance the federal budget by 2012, “Thank goodness a Republican Congress and President threw liberal tax and spend politics into the dustbin of history. But now, we must hold the line on spending, and reject Speaker Pelosi’s attempts to raise taxes. Putting the Speaker’s San Francisco radicalism aside, we will work with willing Democrats in order to address runaway deficit spending.”

 

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