The Clinton/Gore Administration: largest surplus in history on track, paying off the Debt by 2012. (9/27/00)

Today, President Clinton will announce that we:

Estimate a surplus of at least $230 billion in FY2000.

Remain on track to pay off the entire debt by 2012.

Will reduce the debt by an estimated $223 billion in FY2000 and more than $360 billion over last 3 years.


LARGEST UNIFIED SURPLUS EVER AND THE ONLY ON-BUDGET SURPLUS SINCE MEDICARE WAS ESTABLISHED

Instead of a $455 billion deficit, the surplus this year will be at least $230 billion. In 1992, the deficit in the Federal budget was $290 billion – the largest dollar deficit in American history. In January 1993, the Congressional Budget Office projected that the deficit would grow to $455 billion by 2000. Today, the Clinton/Gore Administration is estimating that the surplus will be at least $230 billion this year - the third consecutive surplus and the largest surplus ever, even after adjusting for inflation. Compared with original projections, these results mean that there is over $685 billion less of a government drain on the economy and over $685 billion more that is available for private investment in this one year alone.

Largest unified surplus as a share of the economy since 1948. The 2000 surplus is projected to be 2.4 percent of GDP - the largest surplus as a share of the economy ("GDP") since 1948.

The third consecutive year with a surplus—for the first time in over 50 years. The estimated surplus of at least $230 billion follows a surplus of $124 billion in FY 1999 and $69 billion in FY 1998. The last time America had three surpluses in a row was over fifty years ago in 1947-49. The FY2000 surplus marks the eighth consecutive year of fiscal improvement for the first time in American history - surpassing the pre-Clinton-Gore best of five straight years.

http://clinton4.nara.gov/WH/new/html/Tue_Oct_3_113400_2000.html