There's great news for America: The federal deficit has finally fallen back to early-2002 levels, meaning things are now only as bad as they were immediately after 9/11. Why the not-so-bad news? The surge, obviously:
The federal deficit has improved significantly in the first three months of the new budget year, helped by a continued surge in tax revenues.The actual good news is that federal spending "only" went up by 0.7% over last year -- and that's because Congress spent much of 2006 imploding from one bribery or sex scandal after another. Let's hope for more of the same in 2007.