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WASHINGTON, DC - House Majority Leader Steny Hoyer (MD) released the following statement after the White House issued a new deficit projection for the current fiscal year today:
"It is a sad commentary on President Bush's fiscal record that he is crowing that the deficit will be "only" $205 billion in the current fiscal year. Trying to pretend that heaping hundreds of billions of dollars of additional debt on our children is good news is the kind of Alice-in-Wonderland talk that voters soundly rejected last November.
"The reality is that the deficit projected today represents a swing of more than three quarters of a trillion dollars from the $572 billion surplus projected when the Bush administration took office.
"Contrary to the claims of tax cut advocates, the recent increase in revenues does not validate the claim that tax cuts pay for themselves. Under the estimates released today, revenues will be $276 billion lower in fiscal year 2007 than was projected when the Bush administration came to office. In fact, revenues have grown by just 3.6% a year since the Bush economic plan was enacted in 2001, less than half the 8.4% annual growth during the Clinton administration.
"All the public relations spin in the world cannot alter the facts the Bush Administration and Congressional Republicans turned a projected 10-year budget surplus of $5.6 trillion into a projected deficit of $3 trillion by abandoning the bipartisan pay-as-you-go budget discipline rules that brought about record surpluses in the1990s and enacting unaffordable tax cuts at a time of war. Democrats have restored pay-as-you-go rules and have put forward plans to reverse the fiscally irresponsible policies of the last six years."