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.
The 2008 presidential campaign and political conventions would consequently feature a lot of Porky-Pig-style stuttering by politicians who are already on record as to how “profligate” and “unsustainable” the economy is.
I really enjoy a good belly laugh, and this would provide one of the best-timed punch lines ever, in the entire history of both comedy and politics.
[UPDATE: Unfortunately, I won't get to enjoy that laugh. The trend lines didn't continue in the directions shown below; see the chart from a year later in this post.]