A surging economy producing robust growth in federal revenues promises to significantly cut the budget deficit for the current year, the Congressional Budget Office reported Thursday.
The deficit "will be significantly less than $350 billion, perhaps as low as $300 billion," CBO reported, well below the White House's February estimate of $423 billion.
One would think that a deficit coming in around 20% lower than expected would be bigger news. And this is from income tax receipts only; it doesn't take into consideration the higher government revenues that will be coming in thanks to higher oil prices.
Of course if we could get the bozos in congress to cut pork barrel spending that would be even better.