President Clinton Wednesday forecast a smaller-than-expected $37 billion federal deficit for 1997, the lowest shortfall in 23 years. The president used a White House news conference to release deficit figures from his Office of Management and Budget for fiscal 1997, which ends Sept. 30. The new deficit projection would be the lowest federal deficit since 1974, when the government shortfall was $6 billion. He asserted that not only would the budget be balanced but there will be a $20 billion surplus in 2002. “These past months have been a remarkably fruitful time for bipartisan actions in the national interest,” Clinton said a day after he signed bipartisan measures to balance the budget in five years and to provide the biggest tax cut since 1981. Clinton also said he might use the line-item veto on parts of the landmark bills signed Tuesday.
