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He had budget surpluses for fiscal years 1998–2001, the only such years from 1970 to 2023. Clinton's final four budgets were balanced budgets with surpluses, beginning with the 1997 budget. The ratio of debt held by the public to GDP, a primary measure of U.S. federal debt, fell from 47.8% in 1993 to 33.6% by 2000.
Reflecting the perceived importance of the budget surplus, the New York Times described the end of budget deficits as "the fiscal equivalent of the fall of the Berlin Wall." [ 15 ] The White House's Office of Management and Budget (OMB) projected that the bill would reduce the federal budget deficit by $504.8 billion, of which $250.1 billion ...
The Budget of the United States Government Fiscal Year 1999. The United States Federal Budget for Fiscal Year 1999 [8] (FY99) was a spending request by President Bill Clinton to fund government operations for October 1998–September 1999. It was the first balanced Federal budget in 30 years. [9] In FY99, revenues were 1.82 trillion dollars.
Standing behind a podium in the Rose Garden, President Bill Clinton delivered a bold prediction 20 years ago.“Well ahead of the most ambitious schedule, America has balanced the budget,” he ...
The Clinton Administration projected a US$40 billion surplus by 2002. [8] A key aspect of the FY1997 budget is what was known as the "trigger". The trigger program essentially ensured that tax cuts after 2000 would end if the deficit was not at least US$20 billion below the Congressional Budget Office's estimate.
The trend dates back to Bill Clinton and Newt Gingrich. ... and later negotiated the 1997 budget deal that contributed to budget surpluses in 1998. Clinton and Gingrich also negotiated a historic ...
The Balanced Budget Act of 1997 (Pub. L. 105–33 (text), 111 Stat. 251, enacted August 5, 1997) was an omnibus legislative package enacted by the United States Congress, using the budget reconciliation process, and designed to balance the federal budget by 2002. This act was enacted during Bill Clinton's second term as president.
Budget deficits and surpluses in billions of dollars, 1971–2001. Clinton presided over a "Goldilocks economy", a period of low inflation and low unemployment. [73] During the 1990s, the Dow Jones Industrial Average quadrupled, and the share of families with investments in stocks rose from 32 percent in 1989 to 51 percent in 2001. [74]