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CONGRESSIONAL BUDGET OFFICE (U S CONGRESS) WASHINGTON DC
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The U.S. economy, although slowing from its recent robust rates of growth, continues to produce historic budget surplus. For fiscal year 2001, the Congressional Budget Office CBO estimates that higher revenues linked to the growing economy will continue to outstrip spending and push the total budget surplus including the off-budget Social Security trust funds to 281 billion. That surplus would be the largest in history in nominal dollars and the largest since 1948 as a percentage of gross domestic product GDP. It would also mark the first time in over a century that rising surpluses were recorded for four consecutive years. Over that span, surpluses would total more than 700 billion and federal debt held by the public would fall by roughly the same amount. CBO expects the current slowing in the economy to be short-lived and over the next 10 years projects rates of economic growth that will continue to produce rising surpluses under present policies. Under CBOs projections, those surpluses will be large enough in a few years to retire all public debt that is available for redemption.
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