The reasons for the budget surplus on the US federal accounts during the 1990s and the reasons for which the surpluses disappeared.
Concept Introduction Budget surplus-An excess of the public revenue over public expenditure is defined as a budget surplus. These are the extra funds generated from the efficient management of the public funds and are either saved or spent for repayment of public debt, infrastructural or other developmental activities, military expenses etc.
Public debt- It refers to the debt owed by the government towards the public, government agencies, other governments or multilateral organizations. It can be in the form of loans or against the bills, securities or bonds issued to borrow funds.
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