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LARGEST UNIFIED SURPLUS EVER
Instead of a $455 billion deficit, a $167 billion surplus this year — the largest ever. In 1992, the 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. Today, the Office of Management and Budget (OMB) is projecting a $167 billion surplus — the third consecutive surplus and the largest surplus ever, even after adjusting for inflation.
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NARA.GOV1993 Omnibus Budget Reconciliation Act
SUMMARY:
The Omnibus Budget Reconciliation Act of 1993, better known as the Deficit Reduction Act of 1993, was President Bill Clinton’s first budget. The fiscal year 1994 budget proposed the highest peace-time tax increases (on high income earners) in United States history, cut appropriations spending, and renewed the framework of the Budget Enforcement Act of 1990.
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The budget passed by a narrow margin, 219-213 in the House and 50-49 in the Senate.
bancroft.berkeley.edu Vice President Gore cast the deciding vote. Every Republican Senator voted against it.
It laid the foundation for CBO office repeatedly issuing forecast revisions showing the entire fy 2000 U.S. Public Debt of $5.6T being paid off by the beginning of 2011, if not sooner.*
So when Clinton says that no one, not even he, could have brought this country back from the devastation left by 8 years of Republican authoritarian rule, I think he knows what he's talking about.
* CBO baseline
budget and economic outlook (pg 17) forecast from 07/01/2000 estimated
a budget surplus (2001 - 2010) of $5.7T, in
01/31/2001 was revised out to 2011 to be $5.6T* and on
12/28/2000 Clinton announced that Total Public Debt could be paid off by end of the decade...assuming tax policy and economic conditions remained unchanged and positive. <
wiki: Change in debt position since 2001>
= new reply since forum marked as read