In today's WSJ:

Here's the "surge" you aren't reading about: the continuing flood of tax revenue into the federal Treasury. Tax receipts for April were $70 billion above the same month in 2006, and April 24
marked the single biggest day of tax collections in U.S. history, at $48.7 billion, according to the latest Treasury report.

There's no denying that Americans are sending more money than ever to Washington: Revenues for the first seven months of fiscal 2007 are up 11.3 percent or $153 billion (see chart below).

This Beltway bonanza has helped to slash the projected federal budget deficit by more than half from the same point last year. Across the past three Aprils, federal red ink has sunk by
nearly $300 billion. The deficit this year could tumble to $150 billion, or an economically trivial 1% of GDP.

5/9/2007 10:17:59 AM

I already knew this cause it was the lead story on the news!




nevermind, I don't think they mentioned it

5/9/2007 10:19:33 AM

Let me guess.... It's still not enough.

5/9/2007 10:25:52 AM