The state and national governments had a series of surpluses in the late 1980s, followed by years of deficits in the early 1990s. Government revenues remained nearly constant during the 1990s, while spending was unrestrained. By the late 1990s, the deficits had come under control.
The US Central Intelligence Agency (CIA) estimates that in 1998 Micronesia's central government took in revenues of approximately $161 million and had expenditures of $160 million. Overall, the government registered a surplus of approximately $1 million. External debt totaled $66.5 million.