Federal Deficit Drops By 25% From One Year Ago

(updated and bumped)
A balanced budget by June 2008?

AP reports that the Federal Budget Deficitis down by 25% in just one year:

The deficit for the first five months of the budget year is down sharply from a year ago as the growth in government tax collections continues to outpace growth in spending.

The Treasury Department reported that the deficit from October through February totaled $162.2 billion, down 25.5 percent from the same period last year.

That improvement came even though the deficit in February hit $120 billion, up 0.6 percent from last February’s deficit of $119.2 billion.

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