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Office of the Press Secretary

For Immediate Release May 18, 2000


The American economy and our strategy of fiscal discipline continue to break records. Today, the Department of the Treasury is announcing that in April the United States had the largest monthly budget surplus ever. In the first seven months of this year, the surplus stands at a record $124 billion, matching the surplus for all of last year. This dramatic news is yet more evidence that our strategy of fiscal discipline, investing in people, and opening markets abroad is working.

These unprecedented surpluses call for new tools to manage our finances in the best interest of the American economy. Today, the Department of the Treasury is once again buying back some of our Nation's debt. In total, we are on track to pay off a record $355 billion of debt over three years.

It is essential that we stay on the fiscal course that has brought us the longest economic expansion in history. Risky tax cuts that threaten this prosperity are the wrong approach. We should invest in our future by strengthening Social Security and Medicare, making investments in key priorities like education, and paying off the entire debt by 2013, making America debt free for the first time since Andrew Jackson was President.