The full text of this book is available in Adobe Acrobat PDF format.

In the midst of general euphoria over a new and seemingly increasing federal budget surplus, Kevin A. Hassett and R. Glenn Hubbard offer a guide to this new situation. They begin by delving into the difficult problems of measuring both a budget deficit and the new budget "surplus."

Then the authors consider five possible policy options for dealing with the surplus--should one actually materialize. After sizing up the projected surplus balances against several policy proposals, they provide sober caveats before the disbursal of any new federal monies.

Kevin A. Hassett is a resident scholar and R. Glenn Hubbard is a visiting scholar at AEI.