Wayne Allard: “I have in my hand a report that has been released about 12 or so minutes ago. It is a report on the fiscal year 2007…”

“I have in my hand a report that has been released about 12 or so minutes ago. It is a report on the fiscal year 2007 midsession review. It is on the budget of the U.S. Government, put out by the Office of Management and Budget. It says pretty much what the Congressional Budget Office has been telling us for the last 30 days: That our tax cuts are working, the economy is strong, revenues are up, and deficits are down. Let me talk a little bit about the tax cuts and how they are bringing in additional revenues. The Republican progrowth tax policies enacted in 2003 have triggered 2\1/2\ years of economic growth, unprecedented tax revenue increases and job creation. Since the 2003 tax cuts, America has increased the size of its entire economy by 20 percent or $2.2 trillion. A remarkable observation was made by CNBC's Larry Kudlow over the weekend, which I think helps to put this in perspective: This $2.2 trillion expansion is roughly the same size as the total Chinese economy, and much larger than the total economic size of nations like India, Mexico, Ireland, and Belgium. Pursuant to the extraordinary economic growth spawned by the 2003 tax cuts, Federal revenues have rebounded sharply following several years of decline. I would attribute most of this to the fact that we targeted reducing taxes on those industries that would create more jobs and create more revenue for the Government, particularly the small business sector.…”