[Weekly Compilation of Presidential Documents Volume 36, Number 36 (Monday, September 11, 2000)]
[Page 2020]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the Retirement of 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.