The budget deficit is shrinking . . . again

There's one fewer thing for the lefties to complain about: a large budget deficit.

Bumper tax receipts are shrinking the U.S. budget gap with surprising speed, but economists worry a brighter near-term picture will encourage more spending or breed complacency about the looming strains from retiring baby boomers.

...

Massive corporate and individual tax payments led to a record December surplus, which brought the deficit for the first quarter of fiscal 2007 down to $80.4 billion from $119.38 billion a year earlier.

But how can this be? President Bush lowered tax rates, that means the deficit should go up. Right?

Yes, it should, if you're a liberal and you have no clue about supply-side economics. But for all of us who live within the realm of reality, this is old news.