Announcing the Largest Budget Surplus in History

September 27, 2000

"These results today – paying off $360 billion of the national debt, continuing the longest economic expansion in history – knowing that we can get this done, that we can actually get the country out of debt, ought to be an inspiration for all of us to stay on the path that got us here, now and in the years ahead."

Today, at the White House, President Clinton announced figures released by the Office of Management and Budget (OMB), showing that this year's budget surplus will be at least $230 billion, the largest surplus ever. This third-consecutive surplus will lead to a total debt pay-down of more than $360 billion – the largest three-year debt pay-down in American history – and keep us on track to pay off the entire debt by 2012. The President stressed that the key to these results is fiscal discipline, and urged Congress to stay on the path that got us here by passing fiscally responsible budget bills that invest in our nation's future instead of special interests.

THE LARGEST UNIFIED SURPLUS EVER. In 1992, the federal budget deficit 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. But the Clinton-Gore Administration embarked on a new economic strategy of fiscal discipline, greater investment in people, and opening foreign markets to trade. Now, instead of a $455 billion deficit, OMB estimates a surplus this year of at least $230 billion – the third consecutive surplus and the largest surplus ever, even after adjusting for inflation. Today's announcements show:

THE LARGEST DEBT REDUCTION EVER. As a result of the budget surplus:

REDUCING SPENDING AND CUTTING TAXES FOR WORKING FAMILIES. While balancing the budget, achieving large surpluses and paying down the debt, the Clinton-Gore Administration has provided tax relief for working families:

URGING CONGRESS TO PASS RESPONSIBLE BUDGET LEGISLATION. President Clinton urged Congress to stop loading up spending bills with election-year porkbarrel projects, and instead invest in the American people by raising the minimum wage; passing a real patient's bill of rights; creating a voluntary, affordable Medicare prescription drug benefit; enacting tax cuts for long-term care, child care, and college education; and making critical investments in education.

White House at Work

White House at Work 2000

White House at Work 1999

White House at Work 1998

White House at Work 1997

Urging Senate Republicans to Pass a Real Patients' Bill of Rights

Providing Long-Term Care Insurance to Federal Workers

Calling on Congress to Act Now on Permanent Conservation Funding

Working to Create Digital Opportunity for Americans with Disabilities

Improving Access to Government Services and Information

Urging Congress to Reauthorize the Violence Against Women Act

Highlighting Record Gains for Working Families Across America

Announcing the Largest Budget Surplus in History

Working to Ensure Health Insurance Coverage for Children

The Clinton-Gore Administration: Cutting Student Loan Defaults and Opening the Doors of College for All Americans (10/2/00)

Historic Protection for America's Environment and Cultural Heritage (10/11/00)

The Clinton-Gore Administration: Urging Congress to Support America's Education Priorities

Helping To Make Our Roads Safer

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