Here are the debt numbers from '94 to '99:
9/94 - $4.69 trillion
9/95 - $4.97 trillion
9/96 - $5.22 trillion
9/97 - $5.41 trillion
9/98 - $5.53 trillion
9/99 - $5.66 trillion
Please show me how $400 billion of debt was paid off when our debt increased every year.
http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo4.htm
it wasnt..and its a lie...dont tell the newties
This is direct from politifact.com:
We’ve previously reported that there were indeed budget surpluses during his time as speaker of the House, from 1995 to 1999. By fiscal year 1998, the federal budget did reach a surplus of $69 billion. And in fiscal year 1999 — which Gingrich can claim some responsibility for, even though he was out as speaker for most of the fiscal year — it was in surplus as well, to the tune of $126 billion.
“The budget ended up balancing faster than either party expected simply because economic growth was so strong,” said Chris Edwards, an economist at the libertarian Cato Institute.
He does credit Gingrich for pushing President Bill Clinton toward reducing the deficit.
In his 1996 budget, “Clinton proposed to stabilize the deficit at around $190 billion. He did not propose to balance the budget. The Republicans under Gingrich pushed him into it,” Edwards said, and that materialized in the Balanced Budget Act of 1997.
“The debt increased due to interest on the debt that had accumulated while Tip O’Neill, Jim Wright, and Tom Foley were serving as Speaker.”