    [Public Papers of the Presidents of the United States: WILLIAM J. CLINTON (1999, Book II)]
    [August 20, 1999]
    [Page 1461]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 1461]]

    Statement on the Federal Budget Surplus
    August 20, 1999

        Today I am pleased to announce that we are on track to reach the
    largest annual budget surplus ever. Thanks to solid fiscal discipline,
    the surplus at this point in the fiscal year is $69.1 billion, the
    largest in history over a comparable period and more than $20 billion
    over last year's level.
        When I came into office just over 6 years ago, our Nation was
    burdened by a staggering $290 billion deficit that was projected to
    reach over $400 billion by this fiscal year. The Vice President and I,
    working with Congress, set this country on a new course of fiscal
    discipline, enacting two strong budget packages in 1993 and 1997. As a
    result, we have begun to pay down the Nation's debt. By the end of this
    fiscal year we expect to have achieved a $142 billion reduction in
    publicly held debt over the last 2 years. The debt is now $1.7 trillion
    less than was projected in 1993 when President Clinton took office.
        Fiscal responsibility and resulting debt reduction lowers long-term
    interest rates for home mortgages, autos, and student loans. It also
    lowers borrowing costs for businesses, fueling private sector
    investments for continued economic growth. Despite the continuing good
    news, this is not a time for complacency. The tax bill passed by
    Congress would reverse the achievement of fiscal discipline that has
    been so critical in making the American economy the strongest it has
    been in generations. We need to continue our progress and remain
    committed to our successful economic strategy of making responsible
    investments in our people and maintaining fiscal discipline. We now have
    an historic opportunity to work together in a responsible way to pay off
    the national debt and strengthen Social Security and Medicare.