US on track to halve budget deficit says Snow

US Treasury Secretary John Snow on Thursday 6 May said that continued American economic growth and strong tax receipts had kept the US government in view of its stated aim of cutting the budget deficit by 50%.

"Government revenues are rising, and rising very sharply," Snow said, noting receipts grew to $45 billion in April, more than 20 per cent higher than the same month in 2004.

"A rising economy with more revenue for the federal government is helpful. We also have to watch spending," Snow sa