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Debt Reduction 12/28/00
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Debt Reduction 12/28/00
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collections
Records of the Office of Speechwriting (Clinton Administration)
Jeffrey Shesol's Files
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FOIA Number:
2006-0467-F
FOIA
MARKER
This is not a textual record. This is used as an
administrative marker by the William J. Clinton
Presidential Library Staff.
Collection/Record Group:
Clinton Presidential Records
Subgroup/Office of Origin:
Speechwriting
Series/Staff Member:
Jeff Shesol
Subseries:
OA/ID Number:
21462
FolderID:
Folder Title:
Debt Reduction 12/28/00
Stack:
Row:
Section:
Shelf:
Position:
S
91
6
10
2
Withdrawal/Redaction Sheet
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001. note
Handwritten. [Notes for Debt Reduction Speech] (6 pages)
12/27/2000
P5
COLLECTION:
Clinton Presidential Records
Speechwriting
Jeff Shesol
OA/Box Number: 21462
FOLDER TITLE:
Debt Reduction 12/28/00
2006-0467-F
vz1322
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)]
Freedom of Information Act - [5 U.S.C. 552(b)]
P1 National Security Classified Information [(a)(1) of the PRA]
b(1) National security classified information [(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office [(a)(2) of the PRA]
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute [(a)(3) of the PRA]
an agency [(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute [(b)(3) of the FOIA]
financial information |(a)(4) of the PRA]
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA]
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy [(b)(6) of the FOIA]
personal privacy [(a)(6) of the PRA]
b(7) Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
Magic Wallu
Climitine Stanek
Liude Ricci
/
Auna Richtes
Aun O'lear
Kan K.
Patrick D.
Kan T.
Ray Casstevens
PRESERVATION PHOTOCOPY
haves the past/looks to future
looks to the future ad mee to OL
commounents to Those whose socifices male
that bette future possible
CONF. CALL
3:45 pm
THE WHITE HOUSE
WASHINGTON
midsession late June 2000 (6/26)
Oct 23- 24, surplus official announcement
est. 9/27
earliest- 11:45 am
likely to be later
Briefing room ?
JDP: "Dolsn't it look like we wont refuse
to leave?"
current projections, pd down by 2009
THE WHITE HOUSE
WASHINGTON
Today rec'd rept from budget team
for coming yr.
outhing new budg projectives
Please sedto gluy that w/ one
continuing exp ans ion, + pay
down such crig anot of debt,
They're improved for another year.
- slow that
and
if all of surplus were cHell
to debt t, America cd be
debt-freeby 2000
- " manipnlative + wrong
Which is one yr. better tran
mid.
-
I
THE WHITE HOUSE
WASHINGTON
But wore important, this
show that if we use fiscal
disc. in addressing key
initiatives, if we stick to
patr of tiscal discipline +
$138 targeted tx cater.
Att
sleazy
the idea that in the 8th year
& shd be dealing w(
Try to highlight exact # debt paydown 2001
we recid
THE WHITE HOUSE
I am pleased to annound in 2001 FM we
WASHINGTON
Theso- called baseline - w/no
policy initiatives
Clearly, aobody is suggesting
that Amer not use any of THS
surplus to deal w/ major
eD + hc issues or provide
at least mod tx relief
But trese # show that
even w/ these investments
we can
w/ in a /the decade
1)
Headline on Fy 2001
2 2) this brings om 4-yr total to
3) were also seen w/ new
that what badgetexperty brojall
saseline - what wd happen if we had no
THE WHITE HOUSE
WASHINGTON
4) Clearly, we all believe that a
for mod tx relief I addressing
Hd. anst of surplus shd be used
on nations
The new admt long will have
to decide what & how much
But it's clear that if &
goit
[
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001. note
Handwritten. [Notes for Debt Reduction Speech] (6 pages)
12/27/2000
P5
COLLECTION:
Clinton Presidential Records
Speechwriting
Jeff Shesol
OA/Box Number: 21462
FOLDER TITLE:
Debt Reduction 12/28/00
2006-0467-F
vz1322
RESTRICTION CODES
Presidential/Recor Act - |44 U.S.C. 2204(a)]
Freedom of Information Act - [5 U.S.C. 552(b)]
P1 National Security Classified Information [(a)(1) of the PRAJ
b(1) National security classified information [(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office [(a)(2) of the PRA)
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute [(a)(3) of the PRA]
an agency [(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute |(b)(3) of the FOIA]
financial information |(a)(4) of the PRA]
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA]
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy [(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRAJ
b(7) Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
SEEN
Final 12/28/00 10:30am
17-28-00
Jeff Shesol
'00 DEC 28 AM10:55
PRESIDENT WILLIAM J. CLINTON
REMARKS ON DEBT REDUCTION
THE WHITE HOUSE
December 28, 2000
Good afternoon. I want to say a few words about our
latest budget projections, and what they tell us about the
continued strength of the American economy.
Eight years ago, when I became President, I said that
America had to put its fiscal house in order - that we had
to start living within our means. The federal budget
deficit that year was $290 billion and rising. During the
previous 12 years, the national debt had quadrupled.
Interest rates were high, growth was low, and the
confidence of the American people was shaken.
Once in office, we launched a new economic strategy
- founded on fiscal discipline, investing in our people,
and expanding trade.
1
12-28-00
Today, as our nation enjoys the longest economic
expansion in its history, the success of that strategy is
very much in evidence. We have balanced the budget,
turning decades of deficits into the biggest back-to-back
surpluses in history. Just as important, Our fiscal
prudence has helped us achieve whatmany people once
thought impossible We have begun to pay down our
national debt
Over the past three years, we have paid down the
debt by more than $360 billion. And today, we have
received more good news for our scenomy : Our updated
projections show that in this fiscal year alone, we expect
to pay down the debt by an unprecedented $237 billion.
2
12-28-00
That means that over the course of just four years, we will
Took
have paid down the debt by $600 billion.
3.2
Я
so
-
There's more good news in these numbers. Let
S
start with what budget experts call the "baseline" - a
budget that includes no new initiatives. Our new
projections show that if we took that budget, and
committed the entire surplus to reducing the debt, we
could make America debt-free by 2009.
Of course, no one's suggesting that we pass a budget
with no new initiatives. As I have often said, I believe we
should use a limited share of our surplus to make critical
investments in education, provide a real prescription drug
benefit for America's seniors, and give targeted tax relief
to middle-class families. It is for the incoming
administration and the new Congress to decide exactly
which of these priorities to address, and in what manner.
3
12-28-00
But what our new projections mean is that a fiscally
responsible approach - one that includes new investments
like the ones I described - would permit us to make
America debt-free by the end of the decade.
Now, I know I said I'd never draw on another one of
these charts
But the good news just keeps on coming.
YEAR.
Still, I promise this is the last time I'll do it
this month.
[The President completes the line on the chart to
2010, & draws a zero next to the line.]
If we act with fiscal discipline, we can pay the debt
down to zero by 2010. That's a future we could all look
forward to.
4
12-28-00
But we don't have to wait a decade to reap the
benefits of debt reduction. By eliminating the deficit and
paying down the debt, we have already helped keep
270
interest rates down. For working Americans, that has
meant lower mortgage payments, car payments, and
student loans. For businesses, it has freed up more capital
for private sector investment - creating jobs and
economic growth. If we stay on the path that got us here,
and maintain our fiscal discipline, then we can free up the
12 cents of every federal tax dollar that go to paying
interest on the debt. And we can use some of those
savings, as I have suggested, to extend the life of Social
Security and Medicare.
5
LTCouf to LT respons five our
HAGE E benefer
in for -
-But a debt-free future would mean even more than
that. Just imagine: for the first time since Andrew
Jackson was President, the children of America would
face the future unburdened by the fiscal mistakes of the
past. We have earned an unprecedented opportunity to
build that kind of nation for our children. I hope we will
seize it. Thank you.
JOSSEN
12-28-00
6
Final 12/28/00 10:30am
Jeff Shesol
PRESIDENT WILLIAM J. CLINTON
REMARKS ON DEBT REDUCTION
THE WHITE HOUSE
December 28, 2000
Good afternoon. I want to say a few words about our
latest budget projections, and what they tell us about the
continued strength of the American economy.
Eight years ago, when I became President, I said that
America had to put its fiscal house in order - that we had
to start living within our means. The federal budget
deficit that year was $290 billion and rising. During the
previous 12 years, the national debt had quadrupled.
Interest rates were high, growth was low, and the
confidence of the American people was shaken.
Once in office, we launched a new economic strategy
- founded on fiscal discipline, investing in our people,
and expanding trade.
1
Today, as our nation enjoys the longest economic
expansion in its history, the success of that strategy is
very much in evidence. We have balanced the budget,
turning decades of deficits into the biggest back-to-back
surpluses in history. Just as important, our fiscal
prudence has helped us achieve what many people once
thought impossible. We have begun to pay down our
national debt.
Over the past three years, we have paid down the
debt by more than $360 billion. And today, we have
received more good news for our economy. Our updated
projections show that in this fiscal year alone, we expect
to pay down the debt by an unprecedented $237 billion.
2
That means that over the course of just four years, we will
have paid down the debt by $600 billion.
There's more good news in these numbers. Let's
start with what budget experts call the "baseline" - a
budget that includes no new initiatives. Our new
projections show that if we took that budget, and
committed the entire surplus to reducing the debt, we
could make America debt-free by 2009.
Of course, no one's suggesting that we pass a budget
with no new initiatives. As I have often said, I believe we
should use a limited share of our surplus to make critical
investments in education, provide a real prescription drug
benefit for America's seniors, and give targeted tax relief
to middle-class families. It is for the incoming
administration and the new Congress to decide exactly
which of these priorities to address, and in what manner.
3
But what our new projections mean is that a fiscally
responsible approach - one that includes new investments
like the ones I described - would permit us to make
America debt-free by the end of the decade.
Now, I know I said I'd never draw on another one of
these charts
But the good news just keeps on coming.
Still, I promise this is the last time I'll do it this month.
[The President completes the line on the chart to
2010, & draws a zero next to the line.]
If we act with fiscal discipline, we can pay the debt
down to zero by 2010. That's a future we could all look
forward to.
4
But we don't have to wait a decade to reap the
benefits of debt reduction. By eliminating the deficit and
paying down the debt, we have already helped keep
interest rates down. For working Americans, that has
meant lower mortgage payments, car payments, and
student loans. For businesses, it has freed up more capital
for private sector investment - creating jobs and
economic growth. If we stay on the path that got us here,
and maintain our fiscal discipline, then we can free up the
12 cents of every federal tax dollar that go to paying
interest on the debt. And we can use some of those
savings, as I have suggested, to extend the life of Social
Security and Medicare.
5
But a debt-free future would mean even more than
that. Just imagine: for the first time since Andrew
Jackson was President, the children of America would
face the future unburdened by the fiscal mistakes of the
past. We have earned an unprecedented opportunity to
build that kind of nation for our children. I hope we will
seize it. Thank you.
6
Draft 12/27/00 9:00pm
Jeff Shesol
PRESIDENT WILLIAM J. CLINTON
REMARKS ON DEBT REDUCTION
THE WHITE HOUSE
December 28, 2000
Good [afternoon]. I am joined, as you can see, by members of my budget team. I want
to say a few words about our latest budget projections, and what they tell us about the continued
strength of the American economy.
Eight years ago, when I became President, I said that America had to put its fiscal house
in order - that we had to start living within our means. The federal budget deficit that year was
$290 billion and rising. During the previous 12 years, the national debt had quadrupled. Interest
rates were high, growth was low, and the confidence of the American people was shaken.
Once in office, we launched a new economic strategy - founded on fiscal discipline,
investing in our people, and expanding trade. Today, as our nation enjoys the longest economic
expansion in its history, the success of that strategy is very much in evidence. We have balanced
the budget, turning decades of deficits into the biggest back-to-back surpluses in history. Just as
important, our fiscal prudence has helped us achieve what many people once thought impossible.
We have begun to pay down our national debt.
Over the past three years, we have paid down the debt by more than $360 billion. And
today, we have received more good news for our economy. Our updated projections show that in
this fiscal year alone, we expect to pay down the debt by an unprecedented $237 billion. That
means that over the course of just four years, we will have paid down the debt by $600 billion,
[as this chart shows.] [The President points to possible chart A.]
There's more good news in these numbers. Let's start with what budget experts call the
"baseline" - a budget that includes no new initiatives. Our new projections show that if we took
that budget, and committed the entire surplus to reducing the debt, we could make America debt-
free by 2009.
Of course, no one's suggesting that we pass a budget with no new initiatives. As I have
often said, I believe we should use a limited share of our surplus to make critical investments in
education, provide a real prescription drug benefit for America's seniors, and give targeted tax
relief to middle-class families. It is for the incoming administration and the new Congress to
decide exactly which of these priorities to address, and in what manner. But what our new
projections mean is that a fiscally responsible approach - one that includes new investments like
the ones I described - would permit us to pay down the debt by 2010. [The President draws a
line on possible chart B.] We can make America debt-free by the end of the decade.
That's a future we could all look forward to. But we don't have to wait a decade to reap
the benefits of debt reduction. By eliminating the deficit and paying down the debt, we have
1
already helped keep interest rates down. For working Americans, that has meant lower mortgage
payments, car payments, and student loans. For businesses, it has freed up more capital for
private sector investment -creating jobs and economic growth. If we stay on the path that got us
here, and maintain our fiscal discipline, then we can free up the 12 cents of every federal tax
dollar that go to paying interest on the debt. And we can use some of those savings, as I have
suggested, to extend the life of Social Security and Medicare.
But a debt-free future would mean even more than that. Just imagine: for the first time
since Andrew Jackson was President, the children of America would face the future unburdened
by the fiscal mistakes of the past. We have earned an unprecedented opportunity to build that
kind of nation for our children. I hope we will seize it. Thank you.
2
Now, I know I said ID
never doties
This is the last time
Draft 12/27/00 9:00pm
dill do this pics
Jeff Shesol
yr.
PRESIDENT WILLIAM J. CLINTON
REMARKS ON DEBT REDUCTION
THE WHITE HOUSE
December 28, 2000
Good [afternoon] I am joined, as you can see, by members of my budget team I want
to say a few words about our latest budget projections, and what they tell us about the continued
strength of the American economy.
Eight years ago, when I became President, I said that America had to put its fiscal house
in order - that we had to start living within our means. The federal budget deficit that year was
$290 billion and rising. During the previous 12 years, the national debt had quadrupled. Interest
rates were high, growth was low, and the confidence of the American people was shaken.
Once in office, we launched a new economic strategy - founded on fiscal discipline,
investing in our people, and expanding trade. Today, as our nation enjoys the longest economic
expansion in its history, the success of that strategy is very much in evidence. We have balanced
the budget, turning decades of deficits into the biggest back-to-back surpluses in history. Just as
important, our fiscal prudence has helped us achieve what many people once thought impossible.
We have begun to pay down our national debt.
:
Over the past three years, we have paid down the debt by more than $360 billion. And
today, we have received more good news for our economy. Our updated projections show that in
this fiscal year alone, we expect to pay down the debt by an unprecedented $237 billion. That
means that over the course of just four years, we will have paid down the debt by $600 billion,
[as this chart shows.] [The President points to possible chart
A.L.
There's more good news in these numbers. Let's start with what budget experts call the
"baseline" - a budget that includes no new initiatives. Our new projections show that if we took
that budget, and committed the entire surplus to reducing the debt, we could make America debt-
free by 2009.
Of course, no one's suggesting that we pass a budget with no new initiatives. As I have
often said, I believe we should use a limited share of our surplus to make critical investments in
education, provide a real prescription drug benefit for America's seniors, and give targeted tax
relief to middle-class families. It is for the incoming administration and the new Congress to
decide exactly which of these priorities to address, and in what manner. But what our new
projections mean is that a fiscally responsible approach - one that includes new investments like
the ones I described - would permit us to pay down the debt by 2010. [The President draws a
line on possible chart B.] We can make America debt-free by the end of the decade.
4 writes in "2010"
Toward short of 2010.
Now were
Good
reached zero
news
That's a future we could all look forward to. But we don't have to wait a decade to reap Debt
the benefits of debt reduction. By eliminating the deficit and paying down the debt, we have
helps.
(draw
coming
zero)
1
already helped keep interest rates down. For working Americans, that has meant lower mortgage
payments, car payments, and student loans. For businesses, it has freed up more capital for
private sector investment -creating jobs and economic growth. If we stay on the path that got us
here, and maintain our fiscal discipline, then we can free up the 12 cents of every federal tax
dollar that go to paying interest on the debt. And we can use some of those savings, as I have
suggested, to extend the life of Social Security and Medicare.
But a debt-free future would mean even more than that. Just imagine: for the first time
since Andrew Jackson was President, the children of America would face the future unburdened
by the fiscal mistakes of the past. We have earned an unprecedented opportunity to build that
kind of nation for our children. I hope we will seize it. Thank you.
2
Draft 12/27/00 8:30pm
Jeff Shesol
PRESIDENT WILLIAM J. CLINTON
REMARKS ONDEBT REDUCTION
THE WHITE HOUSE
December 28, 2000
Good [afternoon]. I am joined, as you can see, by members of my budget team. I want
to say a few words about our latest budget projections, and what they tell us about the continued
strength of the American economy.
Eight years ago, when I became President, I said that America had to put its fiscal house
in order - that we had to start living within our means. The federal budget deficit that year was
$290 billion and rising. During the previous 12 years, the national debt had quadrupled. Interest
rates were high, growth was low, and the confidence of the American people was shaken.
Once in office, we launched a new economic strategy - founded on fiscal discipline,
investing in our people, and expanding trade. Today, as our nation enjoys the longest economic
expansion in its history, the success of that strategy is very much in evidence. We have balanced
the budget, turning decades of deficits into the biggest back-to-back surpluses in history. Just as
important, our fiscal prudence has helped us achieve what many people once thought impossible.
We have begun to pay down our national debt.
overtue past yrs,
When I took office, the national debt was projected to increase by [$1.6 trillion] by the
year 2000. Instead, we have paid down the debt by more than $360 billion. And today, we have
received more good news for our economy. Today our S updated projections show that in this fiscal
year alone, we can expect to pay down the debt by an unprecedented $237 billion. That means
that over the course of just four years, we will have paid down the debt by $600 billion, [as this
chart shows.] [The President points to possible chart A.]
There's more good news in these numbers. Let's start with what budget experts call the
"baseline" - a budget that includes no new initiatives. Our new projections show that if we took
that budget, and committed the entire surplus to reducing the debt, we could make America debt-
free by 2009.
I
believe
Of course, no one 'y suggests ing that we should have a budget with no new initiatives. As I
stef
have often said, we should use a limited share of our surplus to make critical investments in
education, provide a real prescription drug benefit for America's seniors, and give targeted tax
relief to middle-class families. It is for the incoming administration and the new Congress to decide
determine exactly which of these priorities to address, and in what manner. But what our new
projections tell us is that a fiscally responsible approach - one that includes new investments like
the ones I described - would still permit us to pay down the debt by 2010. [The President draws
a line on possible chart B.] We can indeed make America debt-free by the end of the decade.
affirm
1
geliminating
That's a future we could all look forward to. But we don't have to wait a decade to reap
the benefits of debt reduction. By paying down the debt, we have already helped keep interest
rates down. For working Americans, that has meant lower mortgage payments, car payments,
and student loans. For businesses, it has freed up more capital for private sector investment -
creating jobs and economic growth. If we stay on the path that got us this far, and maintain our
fiscal discipline, we can free up the 12 cents of every federal tax dollar that go to paying interest
on the debt. And we can use part of those savings, as I have suggested, to extend the life of
Social Security and Medicare.
But a debt-free future would mean even more than that. Just imagine: for the first time
since Andrew Jackson was President, the children of America would face the future unburdened
by the fiscal mistakes of the past. We have an unprecedented opportunity to build that future for
our children. I hope we will seize it. Thank you.
2
JDP: have todo
2009 + 2010 both
Draft 12/27/00 7:00pm
Jeff Shesol
chart
- write in
PRESIDENT WILLIAM J. CLINTON
REMARKS ON DEBT REDUCTION
2010 (or 2009?)
THE WHITE HOUSE
- - or $ 600 b or
December 28, 2000
AMERICA:
DEBT. FREE BY THE END OF
Good [afternoon]. I am joined, as you can see, by members of my budget team. I want THE DECADE
to say a few words about our latest budget projections, and what they tell us about the continued
strength of the American economy.
1) $ 600 b
Eight years ago, when I became President, I said that America had to put its fiscal house
in order - that we had to start living within our means. The federal budget deficit that year was
The payoff
$290 billion and rising. During the previous 12 years, the national debt had quadrupled. Interest
2)
une
rates were high, growth was low, and the patience of the American people was wearing thin.
going
down
Once in office, we launched a new economic strategy - founded on fiscal discipline, on
to 2009/
investing in our people, on expanded trade. Today, as our nation enjoys the longest economic
2010
expansion in its history, the success of that strategy is very much in evidence. We have balanced
the budget, turning decades of deficits into the biggest back-to-back surpluses in history. Just as
important, our fiscal prudence has helped us achieve what many people once thought impossible.
add
We have begun to pay down our national debt.
real
projected
medicare
Over the last three years, we have paid down the debt by more than $360 billion, leaving
diug
to
the debt $2.4 trillion lower than projected before our plan was put into action. Today, we have
benefit
[41.6t] of
received more good news for our economy. Our updated projections show that in fiscal year
2001, we can expect to pay down the debt by an unprecedented $237 billion. Over four years,
we will have paid down the debt by $600 billion. We'll have lifted the burden of more than half
a trillion dollars from the backs of our children.
Our new projections also show us something important about what budget experts call
the "baseline" - a budget with no new initiatives If we committed the entire surplus to reducing
the debt, we could make America debt-free by 2009.
Now, as I have often said, I believe that a limited share of our surplus should be used to
meet our pressing national priorities in education and health care, and to provide targeted tax
relief for middle-class Americans. Of course, it is for the incoming administration and the new
Congress to decide exactly which priorities to address and how much of our resources to use.
But what these new numbers tell us is that a fiscally prudent approach even including these
new investments - would allow us to pay down the debt entirely by 2010. Think for a moment
about what that means. That means that for the first time since Andrew Jackson was President,
young Americans would face the future unburdened by the fiscal mistakes of the past.
by the end of the decade
But the benefits of debt reduction aren't a decade away. By paying down the debt, we
have already helped keep interest rates down. We have freed up more capital for private sector
1
investment - creating jobs and economic growth. By paying down the debt entirely, we can free
up the 12 cents of every federal tax dollar that go to paying interest on the debt. And we can use
part of those savings, as I have suggested, to extend the life of Social Security and Medicare.
[conclusion TK]
2
Patrick M. Dorton
12/27/2000 05:44:45 PM
Record Type:
Record
To:
Jeffrey A. Shesol/WHO/EOP@EOP
CC:
Subject: Re: Pls check out the debt numbers
SEE BELOW
Forwarded by Patrick M. Dorton/OPD/EOP on 12/27/2000 05:44 PM
Peter J. Wong
12/20/2000 11:30:25 AM
Record Type:
Record
To:
Patrick M. Dorton/OPD/EOP@EOP
CC:
Subject: Re: Pls check out the debt numbers
Over the last three years, we have paid down the debt by over $360 billion. We expected to reduce next
year's debt by at least $200 billion. This means that in four years, we will have paid down the debt by at
least $560 billion.