1、1 For a discussion of the controversy surrounding the nature of the burden of a national debt, seeCRS Report RL30520. The National Debt: Who Bears Its Burden? By Gail E. Makinen. April7, 2000.Congressional Research Service ? The Library of CongressCRS Report for CongressReceived through the CRS WebO
2、rder Code RS20654Updated October 17, 2000Paying off the National Debt:Some Intergenerational ConsequencesMarc LabonteEconomistGovernment and Finance DivisionGail MakinenSpecialist in Economic PolicyGovernment and Finance DivisionSummaryA major change in the fiscal regime of the United States occurre
3、d in the 1990s. Thelarge and persistent federal budget deficits that characterized the 1980s and early 1990sgave way to budget surpluses. The budget deficits were responsible for the large growthin the national debt. The current and projected budget surpluses are large enough tomake it possible to p
4、ay off the national debt. Current debate centers on the use of thesurplus. Some argue that if the surpluses are used for debt retirement, a substantialredistribution of income and wealth in favor of future generations of Americans willoccur. Others contend that the intergenerational consequences of
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