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Calvo introduces Deficit Reduction Act of 2008
With a recent public auditor report recommending growing revenues should go toward paying down the government's half-billion dollar deficit, Senator Eddie Baza Calvo has introduced the Deficit Reduction Act of 2008.
"I think it's very important as this government continues to move in the direction of increased revenues as a result of the growing economy that we use the additional revenues into the government to pay our past due obligations and reduce our deficit," stated Senator Calvo. "So really this is what the purpose of this bill is...with these increased revenues coming in, let's not focus on increasing spending, but let's focus on paying down our deficit."
Bill 323 proposes to use surplus revenues from Fiscal Year 2008 to pay off some of the government's debt. To view the bill log onto www.guamlegislature.com.
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