$76-Billion U.S. Budget Surplus Seen
President Clinton on Wednesday forecast a federal budget surplus of $76 billion for the current fiscal year, up from a previous forecast of $54 billion, and vowed that political battles will not obstruct his economic agenda.
The surplus in fiscal 1999 would be the second in a row after nearly three decades of deficits and would be the largest in history in dollar terms.
Clinton pledged to continue pursuing his economic agenda, topped by a financial overhaul of Social Security, despite his impeachment trial in the Senate, which was set to begin today.
Key congressional Republicans responded by urging Clinton to use the surplus to cut taxes, but the president reiterated his determination to reserve any surpluses pending a Social Security reform.
The federal government in fiscal 1998 recorded a surplus of $70 billion, its first budget surplus in 29 years.
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