Monday, February 12, 2007

What? The Deficit's Shrinking?

Look what the BBC caught on to after the Democrats took control of the House and Senate:

Sharp fall in US budget deficit

The US federal budget deficit for the first four months of the current spending year has fallen sharply.

The deficit for the budget year which began in October 2006 totalled $42.2bn (£21.7bn), down 57.2% on a year ago, the US Treasury Department reported.

The four-month figure was boosted by a £38.2bn budget surplus in January.

Revenues collected between October and January rose by almost 10% to a record $834.1bn, boosted by strong corporate profits and lower unemployment.

Government spending over the period also hit a record level, reaching $876.3bn.

Thanks to the BBC for telling us what we already knew long, long ago.