As we ponder whether or not the US government should pay its December debts, let's note that December 2012 saw the smallest federal deficit in five years: $260 million, practically a balanced budget.

True, much of that shrinkage can be traced to individuals bringing income forward to avoid higher tax rates in 2013.

But, as Bloomberg News notes,

"Through the first three months of this fiscal year [2013], the deficit was 9.1 percent smaller than the same period last year."