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If surpluses return in future years, the need for increased borrowing wouldn't last long.
On Thursday, Mr. Chafee plans to join with Mrs. Feinstein to introduce legislation that would freeze the current top income tax rate until budget surpluses return, thus blocking a provision of the 2001 tax cuts from taking effect.
Small surpluses return for the next four years before deficits hit again in 2016.
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The results should finally silence the program's critics because the loan portfolio now shows a surplus return and is expected to generate over $5 billion in total profits.
Councilman Tony Avella, a Queens Democrat who voted against the property tax increase, said he would like to see the $110 million surplus returned to the community, either by using it to reduce the tax or to restore services like library hours that were shortened and firehouses that have been closed.
Get the economy rolling again, and big surpluses will return.
The Treasury Department said that despite the prospect of federal budget deficits this year and next, it expects surpluses to return soon.
In fact, the Congressional Budget Office, a nonpartisan research arm of Congress, is forecasting that surpluses will return in 2014.
If spending slows as the pump-priming ends, the O.E.C.D. fears that surpluses could return and lead to a renewed widening of China's current account surplus, a sore point with the United States and Europe.
Of course, administration officials play down the sudden budget deterioration, saying that the surplus will return once the economy recovers.
The law mandates a popular vote on any tax increase, strictly limits over-all government growth, and requires that budget surpluses be returned to taxpayers via rebate checks.
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