January 6, 1999


Today, I am proud to announce that the era of deficits is over. We are entering the second year of the era of surpluses. We will close out this century with the largest surplus in the history of our nation.

President Bill Clinton
January 6, 1999

Today, President Clinton will announce that the Office of Management and Budget's (OMB) preliminary projection is that the 1999 budget surplus will be at least $76 billion, which is 50 percent higher than the Administration's last projection and would be the largest dollar surplus in American history. The President will emphasize that although the budget is now running a surplus, now is the time to solve the generational deficit by putting Social Security on firm ground for the 21st Century.

The Largest Budget Surplus In American History. In 1993, President Clinton and Vice President Gore put in place a three-part economic strategy to: (1) cut the deficit, help reduce interest rates, and spur business investment; (2) invest in education, health care, and technology so that America was prepared to meet the challenges of the 21st Century; and (3) open markets abroad so that American workers would have a fair chance to compete and win across the globe. Today, America's fiscal house is in order. The Office of Management and Budget now projects that the budget surplus in fiscal year 1999 will be at least $76 billion.

The Budget Is In Surplus, Now We Must Save Social Security. President Clinton is committed to taking advantage of this historic opportunity to save Social Security for the 21st century. We must act now to tackle this tough, long-term challenge and President Clinton believes that we must do it in a way that maintains universality and fairness, ensures that Social Security continues to provide a benefit people can count on, protects low-income and disabled beneficiaries, and maintains our fiscal discipline.

January 1999

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