Disappearing Deficit

In the month of December, the US Treasury ran a surplus of $53.2 billion. What is remarkable is that over the past 10 years the December deficit has averaged $22.7 billion, and over the last five it’s averaged $61.7 billion. Last year the December deficit was just $1.2 billion. The improving economy and last year’s tax hikes have boosted receipts by about 8%, while outlays are down almost as much.

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