Not only was the entire national deficit eliminated after raising taxes on the wealthy in 1993, but the economy grew so fast for the remainder of the decade that many conservative economists thought that the Fed should raise the prime interest rate in order to slow it down.
The entire national deficit was never eliminated before, during, or after Clinton's term, and raising taxes had nothing to do with the decline in the deficit. Welfare reform was the key to the reduced entitlement spending that almost balanced the budget. Even with the tax increase, the deficit was still growing until the Republicans took over congress and forced Clinton into welfare reform.
Economists were worried that full employment in the economy would create wage inflation, and they wanted to see higher interest rates to curtail that event. Few sane people worry about the economy growing too fast, unless it causes inflation.
