negotiations, crafted various legislations that produced a budget surplus and a decrease in our national debt...it really happened, in case you've forgotten.
Here's an AI summary of the strategy...and note that a measured increase on taxes for corps and the wealthiest was just part of it...proof that Dems are open minded, as opposed to MAGAs.
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AI Overview
The Clinton/Gore administration created a federal budget surplus through a combination of fiscal discipline, tax increases on higher-income earners, spending cuts, and a historic 1990s economic boom.
The primary policy drivers and factors included:
• The Omnibus Budget Reconciliation Act of 1993: Raised income tax rates for high earners, placed caps on federal spending, expanded the Earned Income Tax Credit (EITC) for low-income workers, and mandated "pay-as-you-go" rules requiring new spending or tax cuts to be offset elsewhere.
• Defense Spending Cuts and Downsizing: Reduced defense spending following the end of the Cold War and trimmed the size of the federal civilian workforce to its lowest level in decades.
• The Balanced Budget Act of 1997: Partnered with a Republican-controlled Congress to cap spending further, enact targeted tax cuts (including capital gains reductions and the $500 child tax credit), and set a path to balance the federal budget.
• Economic Expansion and Capital Gains Revenue: A soaring 1990s technology and stock market boom generated a massive, unexpected surge in individual income tax and capital gains tax receipts.
As a result, the federal government achieved budget surpluses from fiscal years 1998 through 2001, peaking at over $230 billion in FY 2000
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