The Federal Budget
The Congressional Budget Office’s latest revenue and expenditure projections indicate a movement from deficit to surplus in the unified federal budget, despite a decline in revenue as a percent of GDP. The shift is expected to occur in the year 2001, with the surplus amounting to 1% of GDP by the year 2008. The cumulative surplus between 1998 and 2008 is estimated at $655 billion.
Suggested citation: “The Federal Budget,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-04, pp. 13, 04.01.1998.