Mid-Session Review

By Government Printing Office

Book Id: WPLBN0000153774
Format Type: PDF eBook
File Size: 0.5 MB
Reproduction Date: 2005

Title:	Mid-Session Review
Author:	Government Printing Office
Volume:
Language:	English
Subject:	Government publications, Legislation., Economic & political studies
Collections:	Government Library Collection, Government Printing Office
Historic Publication Date:
Publisher:	Government Printing Office


Citation APA MLA Chicago Office, G. P. (n.d.). Mid-Session Review. Retrieved from http://self.gutenberg.org/

Description
Government Reference Publication

Excerpt
Excerpt: The 2005 Budget, released in February, set forth the President’s plan to cut the deficit in half while advancing his priorities of winning the War on Terror, protecting the homeland, strengthening the economy, and creating jobs. This Mid-Session Review reports solid progress toward cutting the deficit in half, based, in part, on the success of the President’s economic policies: // Economic growth and job creation. Economic growth over the past year has been strong. During the second half of last year, the economy expanded at one of the fastest rates in two decades. In the first quarter of this year, real gross domestic product (GDP) grew 3.9 percent, and all indications point to further solid growth in the remainder of the year, although the growth rate will, as always, vary from quarter to quarter. Job creation has accelerated, with 1.5 million jobs created in the last 10 months, including nearly 1.3 million jobs since the start of this year. // Declining deficits. Largely because of this improved economic performance, revenues have increased dramatically from the February projections for 2004 and 2005. As a result, projected deficits are down a total of more than $100 billion from the February estimates for these two fiscal years. The projections for each subsequent year are improved as well. By following the President’s Six-Point Plan for Economic Growth, we can sustain the economic recovery and continue to create jobs for American workers. A strong economy, coupled with spending restraint, will allow us to cut the deficit by more than half within five years. The deficit for 2004 is now estimated at $445 billion, or 3.8 percent of GDP, down $76 billion from the deficit of $521 billion, or 4.5 percent of GDP, estimated in February. Beyond the current year, the deficit is also improved from the February estimates, although by lesser amounts.

Table of Contents
TABLE OF CONTENTS Page Transmittal Letter List of Tables ...................................................................................................................... iii Summary ............................................................................................................................ 1 Economic Assumptions ...................................................................................................... 11 Receipts ............................................................................................................................... 19 Spending ............................................................................................................................. 21 Summary Tables ................................................................................................................ 27