WHAT SHALL WE DO WITH THE SURPLUS?:

Federal deficit takes sharp dip (The Associated Press, Sep 13, 2007)

The Treasury Department said that the deficit through the first 11 months of this budget year totaled $274.4 billion, down 9.8 percent from the same period a year ago. [...]

The Congressional Budget Office is forecasting that when this budget year wraps up on Sept. 30, the deficit will total $158 billion, down by 36.2 percent from last year's $248.2 billion deficit.

The government's books have been helped this year by record flows of tax receipts, which have continued even though economic growth has been reduced by a serious slump in housing.

Congressman Rangel better hurry up and kill the AMT before we stumble back into boom-killing surplus.

Posted by Orrin Judd at September 13, 2007 2:58 PM