The Bush surplus

Well call me confused:

Market Watch from DowJones reported: “Federal surplus widens to $38.2 billion in January.”

Wha’?
I thought we were going to have nothing but red ink until the 22nd century because Bush cut taxes. But no. Here is the report:

“WASHINGTON (MarketWatch) — The U.S. federal budget surplus widened by 82% in January to $38.2 billion from $21 billion a year earlier, the Treasury Department reported Monday.
“The surplus is slightly below the Congressional Budget Office estimate of about $40 billion.
“January usually as a surplus month because many individuals must make estimated tax payments, analysts said.”

OK, smaller than projected but up 82%. And there is this:

“For all of 2007, the CBO estimates a shortfall of about $200 billion, narrower than the $248 billion deficit in fiscal 2006.
“But analysts at RBS Greenwich Capital believe this forecast is too pessimistic. They look for a drop in the deficit to around $155 billion in the fiscal year.” Read More.