By the end of his first year, Clinton had battled Congress to secure
adoption of an economic package that combined tax increases (which fell
mainly on the upper class) and spending cuts (which hurt mainly
impoverished Americans). His 1993 economic package passed without a
single Republican vote in either chamber of Congress, and despite that
party's dire predictions that it would result in economic chaos. This
economic policy lowered the deficit from $290 billion in 1992 to $203
billion by 1994.By 1999, surging tax revenues from a booming economy had generated a
surplus of $124 billion—a development few would have thought possible in
1992. Surpluses amounting to $1.5 trillion were then projected for the
first decade of the 21st century.
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