|
U.S. House of Representatives
WASHINGTON, DC 20510-5003
January 2000
Dear Taxpayer:
In 1999 the federal government turned a corner.
For the first time since 1961, the cost of interest on the national debt declined. At the same time, last
year's $122 billion surplus was by far the largest in American history. But more progress toward fiscal health
and spending discipline is needed.
The Congressional leadership has determined to
balance the budget this year — for the first time ever — without counting Social Security payroll taxes.
Recently, the Congress voted to do this, creating a Social Security "lockbox" to set aside every penny of
Social Security taxes. The new discipline is already working: even with this more conservative accounting, the
Congressional Budget Office is predicting the largest-ever surplus for the fiscal year ending September 30,
2000.
Many other important facts can be gleaned from
this year's Annual Report. Each year since 1989, I have provided this summary of the federal government's
financial operations because, as a taxpayer, you are entitled to it. I hope you find it useful
|
