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Stephanie Flanders at the BBC ran through the math and has a citation for the last two quarters.

The surplus was achieved solely through cuts because revenue is still paltry.

BUT, when you consider that the amount of debt isn't going down (the budget deficit is still 9-10%), then all numbers are now relative to the budget which has shrunk by 19% so far and is being cut another 6% soon.

They went from a 15% budget deficit to 9%. Meanwhile, their debt rose from 115% debt to GDP to 150%. This phenomena is primarily because of the huge contraction in the budget.

by Upstate NY on Sun Feb 12th, 2012 at 03:36:49 PM EST
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