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Federal deficit (surplus)

When federal government expenditures are exceeded by (are less than) federal government revenue.


The amount by which the revenue of a government from taxes, tariffs and other sources exceeds its expenditures. A surplus means that the budget is likely healthy, at least in the short-term, and in any case the government does not have to resort to borrowing. Some economists believe that a budget surplus or deficit has only minor importance, while others believe that it is very important to maintain a surplus if at all possible. Most U.S. states are required to maintain either a surplus or a balanced budget, while the federal government is not. See also: Federal deficit.


1. Equity in excess of par value. Surplus includes additional paid-in capital and retained earnings.
References in periodicals archive ?
In his congressional testimony on January 25, Greenspan surprised Wall Street observers by declaring that in light of upward revised Federal surplus estimates to a hefty $5.
and The Federal Surplus Outlook -- An Evaluation) and a panel discussion on changes in the financial industry landscape resulting from new accounting regulations.
State Purchasing Agent Ellen Bickelman said the state has 136 contracts providing goods such as computers, baked goods and bottled water, and oversees sales of state and federal surplus goods ranging from file cabinets to tugboats, of which communities can take advantage.
With the current federal surplus in the trillions and the state surplus at $10 billion, there isn't any reason not to reduce taxes.
As discussion and debate intensify in Congress over the size and timing of a tax cut, city officials are being advised by allies on the Hill to communicate to Congress the importance of using some of the federal surplus to invest in the future of our cities and towns, and not solely to provide relief to tax payers.
The paydown of debt associated with the federal surplus has helped to hold down longer-term interest rates, which in turn has encouraged capital formation and reduced debt burdens.
The GSA, which conducted over $260 million in Federal surplus property sales in 1999, expects that the new auction site will enable GSA to service a rapidly growing portion of the government asset sales market.
The proposed "Tax Cut With a Purpose Act," is aimed at taking advantage of the federal surplus, which is projected to reach an all-time high of $5.
Case said he advocates increasing the exemption, but wants to first focus on building a federal surplus.
Speaking of class warfare, the latest budget numbers put the total federal surplus at $4.
The Bush administration's determination to dedicate 25 percent of the anticipated $5 trillion federal surplus to across the board tax cuts, and the rest to debt reduction and shoring up Social Security could leave little for investment in the future of local communities.
Yet despite a projected federal surplus of $2 trillion over the next 10 years, President Clinton is reluctant to put much tax money back into the hands of the people who earned it.

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