"Thanks
to a gridlocked Congress and a recovering economy, the federal budget has
registered some impressive improvements in the past three years. Spending has
not increased at all, while tax revenues have surged by over $550 billion, with
the result that the burden of the federal budget deficit has dropped almost in
half, from 10.5% of GDP to 5.75%. As the federal government absorbs less and
less of the economy's output, this opens the door for a stronger private
sector. This is a very encouraging development that is not widely appreciated
or understood."
