The last time the U.S. federal budget was balanced was during the presidency of Bill Clinton, with budget surpluses from 1998–2001. During those balanced-budget years the House of Representatives was controlled by the Republican Party. The Senate was mostly controlled by the Republican Party as well (except for a brief 2001 split). The presidency was held by the Democratic Party. This period followed the 1994 “Republican Revolution” led by Newt Gingrich.