Federal Deficit Down 56% Year-to-Date

You won't see the headline in your newspaper. Nor will you see the story on network news, even though it is the likely the biggest economic news of the week.

Through the first seven months of the fiscal year the federal budget deficit is 56%, or about $100 billion, below the deficit of just one year ago, which itself was the lowest in five years.

Federal receipts were up 11%, while spending rose 3%.

It must be a coincidence that revenues increased after the "Bush tax cuts."

Why isn't this big news?