Treasure This: The Deficit is Down by Almost 1/3 from Last Year

The Treasury just released its monthly receipts and outlays report, which is coherently and comparatively presented below:

The deficit through the first three months of the current fiscal year is almost $39 billion, or 32.7%, lower than last year's comparable figure. Receipts are up a bit over 8%, as the supply-side tax cuts continue their "magic." The real surprise is that outlays have barely budged, actually going up at a rate that is substantially lower than inflation (Psst -- Don't tell Congress that). Will the media notice?

Cross-posted at BizzyBlog.com.