What was the budget surplus in 1998?

What was the budget surplus in 1998?

1998 United States federal budget

Submitted February 6, 1997
Total expenditures $1.69 trillion (requested) $1.65 trillion (actual) 18.5% of GDP (actual)
Surplus $69.3 billion (actual) 0.8% of GDP (actual)
Debt $5.478 trillion (at fiscal end) 61.2% of GDP
GDP $8.955 trillion

When was the last time there was a budget surplus?

According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001. From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%).

Why did the US have a budget surplus in 2001?

NEW YORK (CNNmoney) – The U.S. government’s budget surplus shrank in 2001, the Treasury Department reported Monday, dragged down by a sluggish economy, falling tax revenue and the impact of last month’s terror attacks. The Treasury Department reported a budget surplus for the fiscal year, which ended on Sept.

What was the budget surplus in 2000?

2000 United States federal budget

Submitted February 1, 1999
Surplus $236.2 billion (actual) 2.3% of GDP (actual)
Debt $5.629 trillion (at fiscal end) 55.5% of GDP
GDP $10.148 trillion
Website Office of Management and Budget

Was there a federal surplus in 1998?

When President Clinton took office in 1993, the Congressional Budget Office (CBO) projected the deficit would be $357 billion for fiscal year 1998; final numbers from the Treasury Department show that the surplus was $70 billion in fiscal year 1998; A $70 billion Surplus — The First In A Generation.

Which of the following contributed to the federal budget surplus of the late 1990s?

The surpluses in the United States budget experienced during the late 1990s were the result of a strong U.S. economy, low interest rates, and cuts in defense spending.

What was the national debt at the end of 2021?

$28.43 trillion
By the end of 2021, the federal government had $28.43 trillion in federal debt.

Why did the federal surplus disappear after 2001?

Now, four months later, the predicted $125 billion surplus has practically disappeared. How did this happen? The quick answer is that the recently enacted tax-cut reduced revenues by $74 billion in 2001 and the economy slowed significantly, so that revenue collections fell below predicted levels.

How much was the budget surplus in 2001?

2001 United States federal budget

Submitted February 7, 2000
Submitted to 106th Congress
Total revenue $2.02 trillion (requested) $1.99 trillion (actual) 18.8% of GDP (actual)
Total expenditures $1.835 trillion $1.863 trillion (actual) 17.6% of GDP (actual)
Surplus $128 billion (actual) 1.2% of GDP (actual)

What was the federal budget in 1990?

Spending by Government Level

1989 1990
Federal Spending 1,143.7 1,253.0
State Spending 359.7 397.3
Local Spending 528.3 575.4
Intergovernmental Transfers -127.2 -142.6

What’s behind Clinton’s large budget surplus?

Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the “Social Security surplus” makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted.

What is the budget and deficit under Clinton?

The Budget and Deficit Under Clinton. A deficit occurs when the government takes in less money than it spends in a given year. The debt is the total amount the government owes at any given time. So the debt goes up in any given year by the amount of the deficit, or it decreases by the amount of any surplus.

Why did Clinton’s fiscal 1994 budget contain spending restraints?

Clinton’s fiscal 1994 budget also contained some spending restraints. An equally if not more powerful influence was the booming economy and huge gains in the stock markets, the so-called dot-com bubble, which brought in hundreds of millions in unanticipated tax revenue from taxes on capital gains and rising salaries.

Which fiscal years are considered a Clinton years?

Keep in mind that fiscal years begin Oct. 1, so the first year that can be counted as a Clinton year is fiscal 1994. The appropriations bills for fiscal years 1990 through 1993 were signed by Bill Clinton’s predecessor, George H.W. Bush.