[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.