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The Federal Budget

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In his State of the Union address, President Clinton urged that prospective budget surpluses be reserved for rescuing Social Security. At that time, the projected cumulative surplus for 1999–2008 was $660 billion. The latest Congressional Budget Office projections show a cumulative surplus of $1.6 trillion over the same period. One might be tempted to conclude that budget surpluses and the President’s exhortation to devote them to restoring Social Security’s solvency herald a more responsible fiscal policy. Unfortunately, such a conclusion would be premature.

Suggested citation: “The Federal Budget,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-10, pp. 14, 10.01.1998.

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