Strong economic growth in the U.S. has produced a federal budget surplus for the second consecutive year: $124 billion for fiscal year 1999 on the heels of 1998’s $69 billion surplus. The surpluses are projected to continue and, indeed, to increase if Congress adheres to its current discretionary spending policy. The size of future surpluses, however, depends on the precise interpretation of “current discretionary spending policy.”
Suggested citation: "Yield Curves," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-04, pp. 04-05, 04.01.2000.