    [Public Papers of the Presidents of the United States: WILLIAM J. CLINTON (2000, Book I)]
    [March 9, 2000]
    [Page 426]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Debt Reduction
    March 9, 2000

        Today we reached another historic landmark in our fiscal turnaround.
    For the first time in 70 years, the U.S. Treasury Department completed a
    debt buyback. This buyback of debt is a striking reminder of the
    extraordinary progress we have made in putting America's fiscal house in
    order. In the last 7 years, we moved from the largest deficit in history
    to the largest surplus in history.
        America is now on track to pay down nearly $300 billion in debt by
    the end of this year and to be debt-free by 2013. In this new era of
    surpluses, these debt buybacks will help us continue to pay down the
    debt, save money for American taxpayers, and lift the burden of interest
    payments off our children and grandchildren.