Clinton Surplus — Bush Deficit.

CBO Page

1998

Surplus

$70B

 

Fiscal year 1998 ended with a total surplus of $70 billion, an on-budget deficit of $29 billion, and an off-budget surplus of $99 billion for Social Security and the Postal Service. Incorporating legislative actions taken by the Congress since July, the current outlook for fiscal year 1999 is for a total budget surplus of $63 billion, an on-budget deficit of $54 billion, and an off-budget surplus of $117 billion.

 

CBO Page

1999

Surplus

$123B

 

Fiscal year 1999 ended with a total surplus of about $123 billion--reflecting an off-budget surplus of $124 billion and an on-budget deficit of only $1 billion. It marked the seventh consecutive year of improvement in the government's budget results since 1992, when the total deficit peaked at $290 billion (the result of an off-budget surplus of $50 billion and an on-budget deficit of $340 billion).

 

CBO Page

2000

Surplus

$237B

 

Fiscal year 2000 ended with a total budget surplus of $237 billion. The on-budget surplus reached $87 billion--up from less than $1 billion in 1999. The off-budget surplus, which encompasses transactions of the Social Security trust funds and the Postal Service, grew from $124 billion in 1999 to $150 billion in 2000. Those surpluses marked the eighth consecutive year of improvement in the government's budget results since 1992, when the total budget deficit peaked at $290 billion and the on-budget deficit reached $340 billion. As a percentage of gross domestic product, the total surplus in 2000 was 2.4 percent, the largest since 1948.

 

CBO Page

2001

(Jan-Apr)

Surplus

$71B

 

The surplus for the first four months of fiscal year 2001 was $71 billion, CBO estimates, $29 billion more than for the same period last year. After adjusting for the shift of certain payments from October into September 2000 (because October 1 fell on a weekend), the improvement in the surplus so far this year was about $22 billion. Even with a slowdown in economic growth, CBO projects a total surplus of $281 billion for fiscal year 2001.

 

CBO Page

2001

Surplus

$127B

 

Fiscal year 2001 ended with a total budget surplus of $127 billion. This marks the fifth consecutive year in which the federal government has run a surplus. The surplus, however, was $110 billion less than the amount recorded in 2000—marking the end of eight consecutive years of improvement in the government's bottom line. The off-budget surplus, which encompasses transactions of the Social Security trust funds and the Postal Service, continued to grow, reaching $161 billion, but the government's on-budget accounts recorded a deficit of $34 billion, after showing surpluses for the past two years.

 

CBO Page

2002

Deficit

$-159B

 

The federal government recorded a total budget deficit of $159 billion in fiscal year 2002, marking the end of five consecutive years of budget surpluses. The on-budget deficit of $318 billion was $285 billion larger than the on-budget deficit recorded in 2001 while the $160 billion off-budget surplus, which encompasses transactions of the Social Security trust funds and the Postal Service, was about $1 billion less than the corresponding figure for 2001.

 

CBO Page

2003

Deficit

$-374B

 

The federal government recorded a total budget deficit of $374 billion in fiscal year 2003, $216 billion more than the deficit recorded in 2002. At about 3.5 percent of gross domestic product (GDP), the 2003 deficit is the largest since 1993 relative to the size of the economy. The on-budget deficit grew for the third consecutive year—to $535 billion—while the off-budget surplus, which includes transactions of the Social Security trust funds and the Postal Service, has remained steady since 2001 at about $161 billion.

 

CBO Page

2004

Deficit

$-413B

 

The federal government recorded a total budget deficit of $413 billion in fiscal year 2004, $35 billion more than the $377 billion deficit recorded in 2003 (a recently revised figure). As a share of the nation’s gross domestic product (GDP), the 2004 deficit was 3.6 percent—slightly more than the 3.5 percent share recorded in 2003.

 

CBO Page

2005

Deficit

$-319B

 

The federal government recorded a total budget deficit of $319 billion in fiscal year 2005, $94 billion less than the deficit incurred in 2004. The 2005 deficit was about $2 billion higher than CBO had projected last month, primarily because of adjustmentsmade to a number of agencies’August spending figures. As a share of the nation’s gross domestic product (GDP), the 2005 deficit was 2.6 percent—down from the 3.6 percent share recorded in 2004.

 

CBO Page

2006

Deficit

$-248B

 

The federal government recorded a total budget deficit of $248 billion in fiscal year 2006, $71 billion less than the deficit incurred in 2005. As a share of the nation’s gross domestic product (GDP), the 2006 deficit was 1.9 percent—down from the 2.6 percent share recorded in 2005.

 

CBO Page

2007

Deficit

$-163B

 

The federal government recorded a total budget deficit of $163 billion in fiscal year 2007, $85 billion less than the deficit incurred in 2006. As a share of the nation’s gross domestic product (GDP), the 2007 deficit was 1.2 percent—down from the 1.9 percent recorded in 2006.

 

CBO Page

2008

Deficit

$-455B

 

The federal government recorded a total budget deficit of $455 billion in fiscal year 2008, $293 billion more than the deficit incurred in 2007. The federal deficit rose as a share of the nation’s gross domestic product (GDP) from 1.2 percent in 2007 to 3.2 percent in 2008.