We have an important story to tell about fiscal responsibility. When the reconciliation bill was signed, it was the first time in 19 years that non-discretionary defense spending was cut. It was the first time that mandatory spending increases were reduced. This is at the same time that we had huge spending on the war on terror. It’s been a very trying time in which we’ve been able to make these spending reductions. About two-thirds of the budget is mandatory, so it’s hard to make progress there. Every year we want savings on the discretionary side and the mandatory side.
We hear a lot of demagoguery about tax cuts. It’s given us the best economy we’ve had in 25 years. Last year we had a 14% increase in federal revenues. This year it’s projected to be an additional 11% increase. Some 48 of 50 states are in surplus. The fact is, when you cut taxes, it has a multiplier effect — people start businesses, grow businesses. There wouldn’t be this kind of increase in federal revenues without those tax cuts.
On DOER: Chairman Pombo has done a fantastic job, the bill should pass, will reduce everyone’s costs for oil and natural gas.
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