WHAT SHALL WE DO WITH THE SURPLUS?:

Federal deficit may fall below $300B (ANDREW TAYLOR, 7/07/06, Associated Press)

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.

The 2005 deficit registered $318 billion.

Time for a pre-emptive tax cut before we don't have enough debt to meet world demand.

Posted by Orrin Judd at July 8, 2006 8:28 AM