Budget Deficit Shrinks Again

For the first 8 months of this fiscal year, the budget deficit has shrunk to $227 billion vs. $272 billion last year. Tax receipts have surged 13% over last year, to $1.55 trillion. The CBO now projects that the deficit might be as low as approximately $300 billion, or roughly 2.4% of GDP.

Just imagine if Congress could restrain spending...