The Economic and Budget Outlook: Fiscal Years 2000-2009.
CONGRESSIONAL BUDGET OFFICE (U S CONGRESS) WASHINGTON DC
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Total federal revenues exceeded spending in fiscal year 1998 by 70 billion, producing the first surplus in almost 30 years. The Congressional Budget Office CBO estimates that under current law, the total budget surplus will reach 107 billion in 1999 and 131 billion in 2000 see Summary Table 1. When the off-budget spending and revenues of Social Security and the Postal Service are excluded, however, the remaining on-budget transactions show a deficit in those years-19 billion in 1999 and 7 billion in 2000. But CBO projects that those on-budget deficits will give way to on-budget surpluses in 2001 and succeeding years as the total budget surplus climbs to 381 billion in 2009.
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