On the recordApril 21, 1998
I think what the gentleman talks about, and I showed this chart earlier this evening, but when he talks about what happened, and they said the 1993 tax increase somehow solved this problem. This is in 1995, 2 years after the tax increase, where the deficit was going when we got here. This is the President's budget proposal in April of 1995. This is where the deficit was going. It is not the tax increase that solved the problem. It was a combination of a strong economy coupled with controlled Washington spending, getting the growth rate of Washington spending under control. The yellow line is our first 12 months here, the green line is what we hope to do, and the blue line, reaching balanced budget 4 years ahead of schedule, is what has actually happened.
Source
govinfo.gov
