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The Federal Budget

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Five years of strong economic growth have transformed the federal budget: Perennial deficits have given way to growing annual surpluses. January 1997 projections by the Congressional Budget Office showed a $171 billion deficit for FY2000. The most recent projections (assuming that discretionary spending grows with inflation) indicate a $232 billion surplus for the same year—a $403 billion difference. A stronger economy and unanticipated budgetary outcomes contributed $440 billion to this improvement, while policy changes subtracted $37 billion.

Suggested citation: "The Federal Budget," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-10, pp. 13, 10.01.2000.

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