One of the more novel approaches to the problem of assessing the impact of the Federal budget on economic activity was the development of the concept of the high-employment budget. The purpose of this concept was to standardize the budget position on some high-employment norm amid thereby remove the effect of variations in economic activity on the measured budget surplus or deficit. Proponents of the high-employment budget argue that estimation of the Federal budget at an assumed full—employment level of activity provides a better measure of tile impact of the budget on the economy than the actual surplus or deficit.