[Weekly Compilation of Presidential Documents Volume 36, Number 7 (Monday, February 21, 2000)]
[Page 339]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on 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.