[Public Papers of the Presidents of the United States: WILLIAM J. CLINTON (2000, Book II)]
[September 7, 2000]
[Page 1772]
[From the U.S. Government Publishing Office www.gpo.gov]



Statement on Retiring the Times Square National Debt Clock
September 7, 2000

    Today we reach a symbolic moment in the improvement of our Nation's 
fiscal situation that few could have imagined 8 years ago--the retiring 
of the national debt clock in Times Square. Thanks to Seymour 
Durst and his family, the debt clock helped 
shine a vital spotlight on America's mounting national debt, which 
quadrupled between 1980 and the day I came into office. The debt clock 
was a constant reminder of the enormous challenge we faced. Today, 
because of the hard work of the American people and the fiscal 
discipline that the Vice President and I have worked hard to maintain, 
we are on our way to eliminating America's publicly held debt for the 
first time since 1835.
    This year we will pay off $221 billion of debt--the largest one-year 
debt paydown in American history. This will be the third consecutive 
year of debt reduction, bringing the 3-year total to $360 billion and 
leading to lower interest rates, mortgages, and car payments for 
American families. We should not be complacent, however, about our 
fiscal progress. Our record surpluses and the shutting down of the debt 
clock only underscore the importance of maintaining our commitment to 
the fiscal discipline which has helped create the longest economic 
expansion in history and will keep us on path to completely pay off the 
debt by 2012.