Clinton predicts budget surplus as deficit falls
Thursday 07 August 1997
The estimated deficit for the current fiscal year, which ends on 30 September, is below $37bn (pounds 23bn), barely one-third of last year's $107bn deficit.
Cutting the $290bn deficit he had inherited from the administration of George Bush was one of Mr Clinton's central election pledges, but the fall has been more rapid than many economists expected. This year's deficit had been budgeted at around $50bn.
Mr Clinton gave the news at a press conference that was held in blazing sunshine in the White House garden to mark the end of the political year. It was the latest addition to an almost unbroken sequence of sparkling economic indicators over recent months that have enabled the US to claim that it has the strongest and most successful economy in the world.
The falling deficit and continuing low interest rates were among the factors that helped Mr Clinton reach last week's five-year balanced budget agreement with the majority Republican Congress. Revenue figures were revised upwards at a crucial point in the negotiations, which made it possible for legislators to include both the spending programmes that Mr Clinton had promised and the tax cuts wanted by Republicans.
If trends continue, Mr Clinton said yesterday, the budget could be in surplus by $20bn by 2002.
The only immediate cloud on the economic horizon is the three-day old strike at United Parcel Service, where the Teamsters union is protesting against the increasing use of part-time workers. The company, which accounts for 80 per cent of US small freight transport, is almost at a standstill.
Culinary experts in The Netherlands thought it was 'fresh' and 'tasty'
- 1 Nokia no more: Microsoft drops once-ubiquitous mobile name – in favour of its Lumia brand
- 2 Renee Zellweger on plastic surgery: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
- 3 Jimmy Carr's controversial Oscar Pistorius joke goes too far at the Q Awards
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 NHS staff banned from drinking tea or coffee on the job because it looks like they're not working hard enough
Renee Zellweger on plastic surgery: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Diwali: What is the festival of lights – and how is it celebrated around the world?
Nathan Cirillo: Final pictures emerge of soldier moments before he was shot dead by Ottowa gunman
Ottawa shootings: Terror strikes Canadian capital as attacks leave one soldier and one suspect dead
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Residents should throw a street party and mix with immigrant neighbours, councils told
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Russell Brand threatened with arrest after filming outside Fox News headquarters
Main Teacher Pay Scale : Randstad Education Leeds: Teacher of Psychology An en...
competitive + bonus + benefits: Sauce Recruitment: A global entertainment busi...
£35000 per annum: Ashdown Group: This new opportunity has responsibilities des...
£19200 - £33600 per annum + pre 12 week AWR : Randstad Education Manchester Se...