Date: March 31, 2005
Creator: Cashell, Brian W
Description: In FY1998, federal budget receipts exceeded outlays for the first time since 1969. Those surpluses continued through FY2001. At one time, those surpluses had been projected to continue, but conditions have since changed. The economy went into recession in 2001, and a stimulus package was enacted. Since then, the budget has been in deficit. The actual unified budget deficit for FY2004 was $412.1 billion. In January 2005, the Congressional Budget Office projected that there would be a budget deficit of $368 billion in FY2005, and a deficit of $295 billion in FY2006.
Contributing Partner: UNT Libraries Government Documents Department