In 1998, the United States achieved its first federal budget surplus in 29 years

Added: 2026-06-01

[00:00:03][applause] [applause] >> This budget marks the end of an era.

[00:00:11]An end to decades of deficits that have shackled our economy, paralyzed our politics, and held our people back.

[00:00:19]It can mark the beginning of a new era of opportunity for a new American century.

[00:00:25]Consider what has been achieved in so short a time.

[00:00:29]In the 12 years before I took office, trickle-down economics led to an explosion in the federal deficit, which quadrupled our national debt. We can balance the budget, and still hire 100,000 new teachers, and modernize 5,000 schools. We can balance the budget, and allow hundreds of thousands of middle-aged Americans who have no health insurance, through no fault of their own, to buy into Medicare. We can balance the budget, and still extend child care to a million more children.

[00:01:00]And above all, we can balance the budget, and save Social Security first.