President's Budget 2007
The President's 2007 Budget contains the important policies that have encouraged robust economic growth and job creations for the economy.
The president's budget has proposed savings and reforms to mandatory spending programs. The budget tries to eliminate or reduce the expenditures on programs, which are not getting results or not fulfilling the essential priorities.
Highlights On US Budget
Focusing the Economic Expansion
From the present experience it is seen that the Nation has added more than 4.7 million new jobs, productivity has increased at a 3 percent annual rate, homeownership has reached all-time highs, and the American economy is growing faster than other major industrialized nations.
The taxpayers need more than temporary tax relief. The Budget proposes to make permanent the tax relief enacted in 2001 and 2003, preventing a tax increase on families and small businesses.
The strength of the US Economy has produced rapid increases in the level of Federal receipts, which are critical to reduce the deficit. From 2004 to 2005, receipts grew 14.5 percent ($274 billion), or more than twice as fast as the economy itself. The Budget forecasts receipts to grow another $132 billion from 2005 to 2006, an increase of 6.1 percent.