Resumen
Este trabalho demonstra que a despesa não-fi nanceira do Governo Federal não era excessiva no fi nal dos anos 1990. Adicionalmente, destaca o crescimento do pagamento de juros reais, que se constituiu na principal variável dos défi cits operacionais entre 1999 e 2001. Palavras-chave: Pagamentos de juros, ajuste fi scal. Governo Federal.THE FEDERAL GOVERNMENT?S FISCAL ADJUSTMENTAbstract: This study demonstrates that the non-fi nancial expenditure of the federal government wasn´t excessive in the late 1990s. Additionally, we highlight the growth of real interest payments, which became the main variable of the operational defi cits between 1999 and 2001.Keywords: Interest payments, fi scal adjustment, Federal Government.