The incredible shrinking deficit

The AP reports:

WASHINGTON - A surging economy producing robust growth in federal revenues promises to significantly cut the budget deficit for the current year, the Congressional Budget Office reported Thursday.

The deficit "will be significantly less than $350 billion, perhaps as low as $300 billion," CBO reported, well below the White House's February estimate of $423 billion.

All without a tax increase. Just imagine how low it could be if Congress and the President would have exercised a little spending restraint over the past 5 years.