President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion."This represents the largest one-year debt reduction in the history of the United States," Clinton said Wednesday morning. "Like our American athletes in Sydney, we've been breaking records and have come a long way."In June, the administration predicted the surplus would be $211 billion, and would increase by as much as $1 trillion over the next 10 years.Clinton also announced the federal government paid down the national debt by $223 billion this year, and by more than $360 billion since 1998, the largest debt reduction in U.S. history."The key to fiscal discipline is maintaining these results year after year. We need to put our priorities in order," Clinton said.The president's news comes as lawmakers on Capitol Hill continue to wrestle with the fiscal year 2001 budget numbers. The new budget year begins October 1, and Congress and the White House remain at odds over spending allocations."I hope we will see a continuation of this trend in the final budget negotiations," the president said. "I am concerned frankly about the size and last-minute nature of this year's congressional spending spree." Congress, Clinton said, has not adequately funded education programs, strengthened Medicare and funded other domestic priorities set forth by the administration."These are the things that need to be done and I certainly hope they will be and still make the right investments and the right amount of tax cuts," Clinton said.The president unveiled the new numbers in a statement at the White House, before departing for fund-raising events in Dallas and Houston."This is part of our fiscal discipline to reduce the debt with the federal surplus," said one White House official who asked not to be identified. Reducing the debt, the official said, has "real effects for real Americans." It means lower interest rates for mortgages, car loans and college loans, and leads to an increase in investment and more jobs."It is the third year in a row the federal government has taken in more than it spent, and has paid down the debt. The last time the U.S. government had a third consecutive years of national debt reduction was 1949, said the official.The federal budget surplus for fiscal year 1999 was 122.7 billion, and 69.2 billion for fiscal year 1998. Those back-to-back surpluses, the first since 1957, allowed the Treasury to pay down $138 billion in national debt.
President Clinton announces another record budget surplus - CNN
President Clinton announces another record budget surplus - CNN
