    [Public Papers of the Presidents of the United States: WILLIAM J. CLINTON (2000, Book I)]
    [February 18, 2000]
    [Page 279]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Indications of a Third Consecutive Budget Surplus
    February 18, 2000

        Today we received further evidence that our economic strategy of
    fiscal discipline is working. When I came into office, the debt had
    quadrupled over the previous 12 years. The deficit had reached a record
    $290 billion and was projected to keep rising as far as the eye could
    see. As a result, interest rates were high, and growth was slow. We have
    turned this around with strong deficit reduction packages in 1993 and
    1997 and tough choices in each and every budget. As a result, we have
    enjoyed back-to-back budget surpluses for the first time in over 40
    years.
        The latest financial numbers from the Department of the Treasury
    indicate that we are on track this year to reach a third consecutive
    budget surplus. The surplus in the first 4 months of this fiscal year
    was $25 billion larger than the surplus last year. These surpluses will
    allow us to repay a projected $157 billion in debt this year alone,
    bringing the debt reduction over 3 years to nearly $300 billion. If we
    maintain our strategy of fiscal discipline, we can keep our economy
    strong and pay down the debt by 2013 for the first time since Andrew
    Jackson was President.