Policy statement on economic growth

(a) Findings The House finds the following: (1) The rate of economic growth has a significant impact on budget deficits. When the rate of gross domestic product (GDP) increases, projected revenue grows with it and deficits decline. Conversely, slower GDP growth can lead to lagging revenues and mounting deficits. (2) Federal policies affect the economy’s potential to grow and impact economic performance, influencing budgetary outcomes. Consequently, fiscally responsible policies that improve the economy’s long-term growth prospects help reduce the size of budget deficits over a given period. (3) The free market, where individuals pursue their own self-interests, has been responsible for greater advancements in quality of life and generation of wealth than any other form of economic system. Federal policies designed to grow the economy should thus allow market forces to operate unhindered rather than pick winners and losers. (b) Policy on economic growth In the House of Representatives, it is the policy of this concurrent resolution to pursue policies that embrace the free market and promote economic growth policies that— (1) reduce Federal spending; (2) expand American energy production; (3) lower taxes that discourage work, savings, and investment; (4) deregulate the economy and enact reforms to diminish bureaucratic red tape; and (5) eliminate barriers to work so more Americans enter (or reenter) the job market.