Deficit declining sharply. Good news, right?

Michael Barone has a must read in US News:

So the deficit—the federal budget deficit—is declining sharply, more sharply than just about anyone in mainstream media anticipated. According to figures from the Office of Management and Budget, the deficit is projected to decline from $412 billion in 2004 to $333 billion in 2005, a 19 percent decline. OMB further projects, obviously with less certitude, that it will decline to $162 billion in 2008.

If so, that will mean that George W. Bush will have more than kept his promise to cut the deficit in half in his second term. Back in February, OMB projected a 2005 deficit of $427 billion.

“The change from February’s projection,” writes Jonathan Weisman in the July 14 Washington Post, “is drmatic.”

Read the whole thing. Barone makes a point of mentioning how differently this sort of news is presented by the press when a Democrat is in office.