Congress Takes Action on Budget Deficit, Telecom, Offshore Oil and Gas Exploration and Minimum Wage-Freedom Update: July 17, 2006

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Congress returned to Washington, D.C., from the Fourth of July recess. Here’s a rundown on some of the key action last week.

”Huge Budget Deficit in Decline, For Now”


There was a lot of attention to the news this week that the 2006 federal budget deficit would be smaller than estimated, at $296 billion instead of $423 billion predicted by the Administration earlier this year. The reason: a growing economy is sending more tax dollars to the government.

We shouldn’t get too excited about billions more tax dollars flowing to Washington, D.C., but the declining deficit does show that the tax cuts of 2001 and 2003 are working. It may be