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Its latest projections, published on January 28th, suggest small deficits in fiscal years 1999 and 2000 and a cumulative $662 billion in fiscal surpluses over the next ten years.
But the high taxes and fiscal surpluses required to service the debt weigh on the economy.
It enjoys huge current-account and fiscal surpluses, and since 1999 the economy has grown by over 5% a year.
Mr Brown says he will run fiscal surpluses for the next three years, but that applies only to current spending.
In theory, by running fiscal surpluses the federal government would raise national saving (unless individuals made up for government thrift with greater profligacy of their own).
In 2007 almost half of the countries within the OECD ran structural fiscal surpluses (that is, adjusted for the state of the business cycle).
Similar(32)
The fiscal surplus reached almost 9% when the price of copper was high, which allowed for fiscal room when the financial crisis hit.
The federal government has a large fiscal surplus.
The result is that the primary fiscal surplus (ie, before debt payments) is dwindling.
"Now we have a fiscal surplus — and that's since the first year of our government.
Far from having a deficit, Ireland has a fiscal surplus of 4.6% of GDP.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com