Budget Deficit Lower Than Expected, Will Media Notice?
The Congressional Budget Office just announced extraordinary news about the budget deficit. As reported by Market Watch moments ago:
The federal government probably ran a deficit of about $250 billion in fiscal year 2006, which ended Sept. 30, the Congressional Budget Office estimated Friday. That's about $10 billion less than the CBO forecast earlier this summer and about $68 billion less than the $318 billion deficit recorded in fiscal 2005. Corporate tax receipts have continued to come in ahead of expectations, CBO said. The Treasury Department will release the official budget figures next week.
Hmmm. So, tax cuts actually increase tax receipts? Shocking. Any bets as to whether this will get reported this evening?