" The Congressional Budget Office reported today that the deficit for fiscal year 2005 will be $317 billion, down significantly both from last year's level and from projections made at the beginning of this year. This progress is due to an increase in tax collections from last year (and from what had been projected earlier this year). Some are using this fact to argue that it proves the tax cuts 'are working' and are responsible for stronger economic growth and a large increase in revenues. But this interpretation is misguided," reads a new report from the Center on Budget and Policy Priorities.