Statement on Debt Reduction

Today we received further evidence that our economic strategy of fiscal discipline is working. By making the tough choices necessary to turn record deficits into record surpluses, we are now in a position to start paying down the debt. According to the latest numbers from the Department of the Treasury, we will pay down $152 billion in debt in the 3 months from April to June—the largest debt paydown in our Nation's history. By the end of this fiscal year, we will have repaid approximately $300 billion in debt. If we continue on this path of fiscal discipline, we can pay off our national debt for the first time since Andrew Jackson was President. This will keep interest rates low and investment high and lead to savings on everything from mortgages to student loans for working families across America.