[19990301]RS20065_盈余和联邦债务.pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20065Updated March 1, 1999Surpluses and Federal DebtPhilip D. WintersAnalyst in Government FinanceGovernment and Finance DivisionSummaryThe federal government had a surplus of $70 billion in fiscal year (FY) 1998 whiletotal federal debt increased by $109 billion. Why did the debt increase even though thegovernment had a surplus? The answer involves understanding what drives changes inthe two components of federal debt, debt held by the public (such as that held byindividuals, pension funds, banks, and insurance companies, among others) and debt heldby government accounts (mostly in federal trust funds, such as Social Security). Debtheld by the public declines when the government has a surplus. But when thegovernment accounts that hold federal debt have surpluses, these surpluses increase debtheld by government accounts. If the debt held by government accounts increases fasterthan debt held by the public decreases, total federal debt rises.For the next decade, the expected overall surpluses will reduce the amount of debtheld by the public. Debt held in government acc