Pete Domenici: “I believe that my service in the Senate has been highlighted by my interest in the budget process. As this year's budget…”

“I believe that my service in the Senate has been highlighted by my interest in the budget process. As this year's budget negotiations continue, I would like to draw the attention of other Senators to a recent editorial in the Wall Street Journal concerning the single largest day of tax collection in U.S. history. The editorial is entitled ``April Revenue Shower.'' I think this editorial raises some very interesting points that are particularly relevant as Congress debates the fiscal year 2008 budget resolution. The Wall Street Journal points out that in April alone the U.S. Government collected $70 billion in tax receipts above the same month last year and for the current fiscal year tax receipts are up 11.3 percent or $153 billion from last year. I am not sure if most people are aware of the fact that on April 24, 2007, the United States collected a record setting $48.7 billion in tax receipts. I think these numbers are certainly worth our attention. What I find so interesting about these record-breaking tax revenues is the fact they were achieved without raising taxes and without a Federal budget in place. Rather, the American economy is the driving force behind these windfalls. I would pose the question that maybe; just maybe, we should maintain the status quo instead of entering into the budget resolution that is being proposed. I think Congress should think long and hard about these numbers before we consider making any change to current budget policy.”