2001•University of North Texas Digital Library (University of North Texas)Open access

How Budget Surpluses Change Federal Debt

Philip D. Winters

Abstract

This report discusses how budget surpluses change federal debt. The answer involves understanding what drives changes in the two components of total federal debt, debt held by the public (which includes debt held by individuals, pension funds, banks, and insurance companies, among other entities) and debt held by government accounts (almost all in federal trust funds, such as Social Security).

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Key concepts: Debt, Federal budget, Business, Internal debt, Government debt, Debt levels and flows, Financial system, External debt