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It is now running a primary budget surplus, spending less than it receives in taxes.
When penal supertaxes were ended in the 1980s, the surplus spending power was expected to go on cars, yachts and houses.
As hospital managements come under pressure from regulators to return their trusts to surplus, spending is cut, vacancies are left unfilled, staff-patient ratios are relaxed, and hospitals cut their capital programmes, which means fewer operating theatres and MRI scanners.
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Westminster City Council said the money was not profit, but a surplus spent on transport and infrastructure.
One sector can run a surplus (spend less than its income) so long as another runs a deficit (spends more than its income).
The pain might be eased if countries with trade surpluses spent more on imports, but they were not obliged to do so.Keynes set out a scheme for a "clearing union" that he believed had the benefits to trade of a fixed exchange-rate system but without the gold standard's shortcomings.
Osborne has said he would like to run a budget surplus, so spending would be held down even after the deficit had gone.
Now, Mr. Gore and his running mate, Senator Joseph Lieberman, promise to maintain fiscal rigor while using the surplus on spending programs and tax breaks for the working families that profited least from the biggest boom in American history.
The surplus is spent, creating the myth that the budget is getting balanced.
Mr. Levy said he would rather see any surplus funds spent on services like health care.
I'd have a bigger surplus to spend by taxing corporations more.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com