The 8th consecutive year of fiscal improvement for the first time in American history and.The 3rd consecutive year with a surplus-for the first time in over 50 years.The largest unified surplus as a share of the economy since 1948.
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.
But the Clinton-Gore Administration embarked on a new economic strategy of fiscal discipline, greater investment in people, and opening foreign markets to trade. In January 1993, the Congressional Budget Office projected that the deficit would grow to $455 billion by 2000. In 1992, the federal budget deficit was $290 billion – the largest dollar deficit in American history. 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. 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.
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. Septem"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." Announcing the Largest Budget Surplus in History
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