Tax receipts are continuing to grow significantly faster than spending, according to the Monthly Treasury Statement. As a result, if these trends continue, the budget will move into balance on July 3, 2008.
Look at these great charts from the Optimist.This will drive the democrats and RINO's crazy.
The reason for this? Tax receipts from a healthy, expanding economy are increasing faster than the interest on the national debt.
The trend could change if someone gets crazy. See what the Dems submit their first budget for the new federal FY starting on October 1, 2007.
And visit the Skeptical Optimist for straight talk on how economic policies affect the national debt.
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