The Real Heroes of the 1998 Budget Surplus: Clinton and His Economy

Washington, D.C.–(ENEWSPF)–March 7, 2011.  When Bill Clinton took office in January 1993, the federal budget deficit was projected to be $310 billion that year, or about 5 percent of GDP. The Congressional Budget Office was also projecting that five years later, in 1998, the federal budget would still be in the red to the tune of $357 billion, or 4.5 percent of GDP. At the time, the CBO called the deficit outlook, “grim.”