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Masaaki Shirakawa of Japan, another surplus country, advises against getting too hung up on current-account imbalances.
With another surplus projected for 1999, the board could shut down in 2001 unless Congress decides to extend it.
Raising the possibility that the budget situation could continue to deteriorate, Mr. Daniels, in a speech at the National Press Club, said decisions about taxes and spending in the next year "will determine whether we ever see another surplus".
The federal government, which posted a budget surplus of $12 billion last year, its first in three years, is expected to have another surplus this year, of about $5.5 billion, allowing it to finance a variety of social programs for a fast-growing population.
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The city is doing quite well now financially, with another record surplus in excess of $2.5 billion expected in the budget year that ends June 30.
The budget, which awaits floor votes in both houses on Thursday, includes another record surplus, $870 million, and $228 million more in spending than Gov. Christine Todd Whitman requested in January.
To meet transportation needs beyond the reach of this bond issue, the state should do more to tap its budget surpluses, especially now that another $1 billion surplus is expected in the budget for the year under way.
In 1963, with another large surplus on its hands, the school won court approval to use $50 million from the trust to build a medical school for Pennsylvania State University -- with no opposition.
But even if the New Jersey economy begins to cool slightly, the state's receipts would rise fast enough to provide another huge surplus at year's end, they said: $850 million, or about 4percentt of expenditures.
The city's financial picture, at least for now, remains extremely healthy, with budget officials projecting another record surplus of about $3 billion when the current fiscal year ends on June 30.
Similarly, in Germany, another big surplus country, there have been some early encouraging signs that growth is becoming less export-led and more driven by domestic demand.Underpinning this debate about imbalances is a renewed focus on the balance of payments.
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