Among the markets that say President George W. Bush is doing ``a heck of a job,'' the one he can take the most satisfaction from is U.S. Treasury bills.

That's because the unexpected surge in tax receipts may pare the budget deficit by 39 percent to $150 billion this fiscal year, causing a relative scarcity of four-week, three-month and six-month bills. The result is the biggest bull market for Treasury bills since the terrorist attacks on Sept. 11 drove investors to the safety of the securities.