According to the liberal articles of faith, we are in big trouble because our deficit is growing, and all these "tax cuts for the rich" are just making the problem worse. But despite our "war for oil" in Iraq, the deficit is shrinking and tax collections are increasing. Did I miss something? Or are liberals just wrong as usual?
The federal deficit appears on track to register less than $300 billion for the budget year ending Sept. 30, as surging tax revenues continue to signal significant improvement over White House estimates released in February - though only modest gains over last year.
The nonpartisan Congressional Budget Office, which makes estimates for lawmakers, said Friday that the deficit for the first three quarters of fiscal 2006 came in $41 billion less than the red ink recorded for the same period in 2005.
...
Indeed, tax collections are surging at a 13 percent growth rate, reflecting particularly strong growth in taxes paid on corporate profits and income taxes paid by wealthier people and small businessmen who pay taxes quarterly instead of having them withheld by employers.
