[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.