1、Congressional Research Service ? The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20767January 4, 2001How Budget Surpluses Change Federal DebtPhilip D. WintersAnalyst in Government FinanceGovernment and Finance DivisionSummaryThe federal government had a surplus
2、 of $237.0 billion in fiscal year (FY) 2000,while total federal debt increased by $22.9 billion. Why did the debt increase eventhough the government had a surplus? The answer involves understanding what driveschanges in the two components of total federal debt, debt held by the public (whichincludes
3、 debt held by individuals, pension funds, banks, and insurance companies, amongother entities) and debt held by government accounts (almost all in federal trust funds,such as Social Security). A total or unified surplus, meaning that the governmentreceives more dollars from the public than it spends
4、 on the public, generally will reducedebt held by the public. A surplus in federal trust fund accounts, meaning that theirincome (from both the public and other parts of the government) is greater than theiroutgo (to both the public and other parts of the government), increases their holdings offede
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